Dwight Merriman has been named chairman of Ares Management Corp.'s industrial business, Ares Industrial Management, replacing Evan Zucker, who has left the firm, an Ares spokeswoman said in an email.
Before the promotion, Mr. Merriman had been head of Ares Industrial Management. He is being replaced in that role by David Fazekas, who will also continue as chief investment officer of the unit. The leadership changes took effect on Tuesday.
"The elevation of Dwight and Dave to their new roles is a natural evolution given their long tenured positions of leadership in building and managing our industrial team," the spokeswoman said.
Mr. Zucker had been a co-founder of U.S. industrial real estate firm Black Creek Group, which Ares acquired in July 2021. He then became a partner and chair of Ares' U.S. industrial real estate business. Prior to the acquisition, Mr. Merriman had been head of industrial at Black Creek.
"Having successfully transitioned the Black Creek business, Evan is moving on to pursue other endeavors," the spokeswoman said. "Ares is thankful for Evan's contributions to the team and we wish him well in this next chapter."
Mr. Merriman is also the new co-chairman of an Ares real estate investment trust, Ares Industrial Real Estate Income Trust — formerly known as chairman at Black Creek Industrial REIT IV — alongside William S. Benjamin, partner and global head of Ares Real Estate. Mr. Zucker had formerly served as the REIT's chairman, SEC filings shows.