InvenTrust Properties Corp. announced that Michael Podboy intends to resign his positions as executive vice president, chief financial officer, chief investment officer and treasurer to pursue other opportunities outside the company. Effective immediately, Adam M. Jaworski, InvenTrust’s senior vice president, chief accounting officer, will assume the role of the InvenTrust’s Interim principal financial officer.
“Michael has made numerous contributions to InvenTrust over the course of his career and has been instrumental in furthering our strategy and shaping our asset base and balance sheet,” said Thomas McGuinness, president and CEO of InvenTrust. “On behalf of the board and management team, I thank Michael for his leadership over the past 11 years and wish him well in his future endeavors.”
InvenTrust is a pure-play retail company with a focus on acquiring grocery-anchored open-air centers in key growth markets with favorable demographics. The REIT relocated its headquarters from Oak Brook to Downers Grove, Illinois, last year.
“I am proud of what InvenTrust has accomplished and the progress we have made as a company during my tenure,” Podboy said. “I wish InvenTrust future success and believe that the Company is positioned to achieve its strategic and financial goals.”
InvenTrust has initiated a search for a new CFO and will retain an executive search firm to assist with that process. The company also noted that Mr. Podboy’s departure is not based on any disagreement with InvenTrust or its board regarding any matter related to the company’s accounting principles or practices, or financial statement disclosures.