PREIT (NYSE: PEI)today announced its intention to promote Mario C. Ventresca, Jr., Executive Vice President – Operations, to Executive Vice President and Chief Financial Officer. He will replace current Executive Vice President and Chief Financial Officer Bob McCadden who will leave the Company effective December 31, 2019. Mr. McCadden will transition his current responsibilities to Mr. Ventresca over the balance of the year.
Joe Coradino, CEO of PREIT said, "On behalf of the Board, the management team and our associates at PREIT, I want to thank Bob for his years of service to the Company as we transitioned into the Company we are today. We wish him success in any future endeavors. We have a strong successor in Mario, who has played a critical role in our transformation and execution of our strategic priorities over the past seven years. He is a highly accomplished executive and I look forward to his partnership."
Mr. McCadden stated, "It has been a pleasure to work with such a talented management team during a dynamic period in our industry. PREIT has made significant progress in achieving its strategic goals and is well positioned for future success. I look forward to working with Mario in his new role and ensuring a seamless transition."
A Temple University graduate, Mr. Ventresca spent the first ten years of his career in accounting and finance positions. He joined PREIT in 1994 and currently serves as Executive Vice President of Operations overseeing the Company's Leasing, Asset and Property Management functions. He has developed a diverse skill set through his many roles within the Company, having served in Acquisitions and Asset Management capacities and managing the Company's sector-leading disposition program.
About PREIT PREIT (NYSE:PEI) is a publicly traded real estate investment trust that owns and manages quality properties in compelling markets. PREIT's robust portfolio of carefully curated retail and lifestyle offerings mixed with destination dining and entertainment experiences are located primarily in the densely-populated eastern U.S. with concentrations in the mid-Atlantic's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on portfolio quality and balance sheet strength driven by disciplined capital expenditures. Additional information is available at www.preit.com or on Twitter or LinkedIn.
