Manulife US Reit manager names new CEO, CFO amid leadership exodus

THE manager of Manulife US Reit (MUST) : BTOU 0% on Tuesday (Mar 19) said it appointed John Casasante to the dual role of chief executive officer (CEO) and chief investment officer (CIO).

He replaces William David Gantt III, also known as Tripp, who is resigning due to “pressing family needs that require his full time and attention”.

The real estate investment trust’s (Reit) manager said in separate bourse filings that deputy CEO Caroline Fong, CIO Patrick Arthur Browne, and CFO Robert Wong are also stepping down to pursue other opportunities. Their resignations will be effective on Jun 30, 2024.

It has also appointed Mushtaque Ali as CFO designate to replace Wong and take over Fong’s responsibilities as deputy CEO. He will join the Reit manager, Manulife US Real Estate Management, on Apr 12.

Ali joins from Manulife Investment Management, where he was head of finance for Singapore and South-east Asia. He has over 25 years of finance and accounting experience, mainly in the investment management industry, with a focus on private assets and real estate investment management.

Casasante, who has been appointed CEO and CIO designate, joins from global asset manager DWS, where he was regional director of real estate asset management alternatives and real estate assets.

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He has more than 25 years of commercial real estate experience with DWS, Cushman & Wakefield, and Lincoln Property Company.

When he joins the team on Apr 8, he will lead the manager’s move to dispose of assets according to Reit’s recapitalisation plan and maximise proceeds to pare down debt and fund capital expenditure.

He will also oversee the Reit’s operations, business and investment strategy. Casasante’s appointment is subject to regulatory approval, the manager said.

“I look forward to making progress on asset dispositions, improving the balance sheet, and repositioning the portfolio for long-term growth,” Casasante said.

MUST units closed 5 per cent or US$0.003 lower at US$0.057 on Monday.