The manager of Manulife US REIT (MUST) says regulatory approvals have been obtained for the appointments of John Anthony Casasante and Mushtaque Muhammad Ali for their respective roles.
The REIT announced, on March 19, that it will appoint Casasante as CEO and chief investment officer (CIO) of the REIT manager and Mushtaque as its chief financial officer (CFO).
Their appointments will take effect from June 30.
Outgoing CEO William “Tripp” Gantt, deputy CEO Caroline Fong and CFO Robert Wong will be stepping down on the same day.
The resignation of the REIT’s “whole C-suite” came as a surprise to the analysts from DBS Group Research, who noted that the present team “held the helm” during the REIT’s “most difficult and challenging times”.
“Following the stabilisation of MUST with the recapitalisation plan, a complete change of the C-suite came as a surprise,” said the analysts in their note dated March 19.
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Units in MUST closed at 6.5 US cents on June 27.
