Manulife US Reit promotes deputy CEO in succession planning move

MANULIFE US Reit : BTOU 0%’s manager is promoting its deputy chief executive to the top job on Friday (May 6), amid what the board called succession planning.

Singapore-based William David Gantt III, also known as Tripp, will take over the day-to-day management and operations of the Reit, said bourse filings on Wednesday.

Gantt, 52, joined Manulife US Reit in February 2022 and, before that, was most recently assistant senior investment officer of the Washington State Investment Board pension fund.

Citing Gantt’s professional qualifications and experience, the board said in its filing that it was satisfied he has the knowledge and experience needed to serve as CEO.

Outgoing CEO Jillian Smith, 68, has held the post since July 2015. The board said that she is retiring from the manager "as part of succession planning".

It added that there are no unresolved differences in opinion on material matters between her and the directors, nor any other issues related to her departure that should be flagged to investors.

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Units closed on Wednesday at US$0.63, up by half a US cent or 0.80 per cent, before the news.