In his new role, Emory will focus on vision, strategy and culture on a full-time basis, with Cecilia Williams promoting to chief executive officer from the CFO position she’s held since 2015
is promoting from within, choosing chief financial officer Cecilia Williams to take over as CEO from founder Michael Emory, who will become executive chair.
Allied is also shuffling its board of trustees, with Jennifer Tory set to take over as lead trustee after the REIT’s annual general meeting this spring. Current board chair Gordon Cunningham is retiring, as is audit committee head Gerald Connor. Allied’s current chief operating officer, Tom Burns, is stepping down from his executive role, but will join the board.
Best known for its low-rise office buildings in downtown cores, Allied has suffered from a double whammy of rising interest rates and hybrid working. As well, Allied has been developing properties, such as The Well in downtown Toronto, and development requires a lot of cash. For much of the past decade, REITs were able to sell new shares to finance such developments, but with so many of their unit prices slumping they are unable to at the moment.considering a sale of its data-centre portfolio
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