John Sullivan will retire as president and CEO of Cadillac Fairview, a wholly owned subsidiary of the Ontario Teachers' Pension Plan, Toronto, on Nov. 1.
He will be succeeded Salvatore Iacono, said a Monday news release.
Mr. Sullivan has worked at Cadillac Fairview for 25 years, the last 13 as its CEO. After retiring, Mr. Sullivan will remain at Cadillac Fairview in an "advisory capacity to support a successful transition," the release noted.
Mr. Iacono currently serves as executive vice president-operations at Cadillac Fairview.
In addition, as part of its plan to reach C$300 billion ($224.8 billion) in net assets by 2030, OTPP plans to establish an in-house real estate asset class group to oversee real estate investment activities and will bring along Cadillac Fairview's global team of 37 real estate investment professionals to OTPP.
As a result, OTPP will conduct a search for a global head of real estate, to lead Ontario Teachers' real estate group. This role will report to Ziad Hindo, CIO at OTPP.
Global head of real state will be a newly created role at OTPP, a spokesman for the company said by email.
These measures are expected to be completed by Jan. 1, 2024. At that time, OTPP will focus on global real estate investing and portfolio management, while Cadillac Fairview will focus on growth, diversification and densification of its real estate portfolio in Canada, the release added.
Ontario Teachers had assets of C$247.2 billion ($182.5 billion) as of Dec. 31.
Cadillac Fairview has more than C$40 billion in assets under management across the Americas, Europe and Asia, according to its website.
A spokesman for Cadillac Fairview declined to comment on Mr. Iacono's successor.
