Ivanhoé Cambridge is embarking on a shift from an organizational structure based on asset categories (shopping centres, offices, multi-residential buildings, and other buildings) to one based on its core business activities: investment and real estate management. This reorganization is part of a business strategy that began in the spring of 2011 with the consolidation of its subsidiaries, SITQ and Ivanhoe Cambridge. Effective immediately, the activities of these subsidiaries will be integrated into the new structure under the name “Ivanhoé Cambridge.”
“We have decided to take an even more integrated approach, one that focuses on two strategic areas, in order to pool our knowledge and expertise, increase our efficiency, and become more competitive internationally. I am particularly proud of the rapid progress we have made to date, and I have no doubt that our new organizational structure will enable us to fully benefit from our comparative advantages,” said Daniel Fournier, Chairman and Chief Executive Officer.
Accordingly, the following executive appointments have been made:
- Kim McInnes, President, Global Operations, will be responsible for all operational, development, and asset management activities as well as for the human resources and legal affairs sectors.
- William Tresham, President, Global Investments, will be responsible for all investment activities, including strategy, portfolio management, research, and capital allocation.
- Sylvain Fortier, President, Residential, will continue to develop the new multi-residential sector.
In addition, Mr. Fournier, who is also Chairman of Otéra Capital, announced the appointment of Raymond McManus as President and Chief Executive Officer of Otéra Capital. McManus, who has spent most of his career in the banking industry, has extensive experience as a business leader and corporate administrator. He was notably President and Chief Executive Officer of Laurentian Bank from 2002 to 2007. McManus replaces Ross Brennan, who has held this position since 2009 and led the organization during the refocusing of its activities in Canada.