Kimco Realty Corporation (NYSE: KIM) has announced significant changes to its board of directors, marking a new chapter in its leadership. After more than 60 years of leadership, Milton Cooper, the company's founder and longtime CEO, will retire as executive chairman of the company and Kimco Realty OP, LLC at the 2025 annual meeting of stockholders. Upon Cooper's retirement, Richard Saltzman will become the independent chairman of the board of directors, while Mary Hogan Preusse will conclude her service as lead independent director. In addition, Nancy Lashine and Ross Cooper have been appointed to the company's board of directors, with Lashine serving on the audit and executive compensation committees of the board.
Milton Cooper, reflecting on his tenure, stated, "The key to success is to enjoy what you do and helping Kimco become an industry leader has been truly rewarding, both personally and professionally." Cooper will continue to serve as chairman emeritus and provide valuable advice to the Kimco board.
Richard Saltzman, who has been a director of the company since 2003, expressed his gratitude for assuming the role of chairman of the board and looks forward to working closely with fellow directors and the management team on positioning the business for continued success and enhanced value creation.
Nancy Lashine, the managing partner and founder of Park Madison Partners, brings extensive experience to the board, having previously served as a board member of the Boston-based developer and real estate investment management firm, The Davis Companies. Ross Cooper, who has served as the company's president and chief investment officer since 2017, also joins the board, bringing his leadership experience from various roles within the company since 2006.
Kimco's CEO, Conor Flynn, expressed excitement about the new additions to the board, noting that their extensive experience and deep understanding of the real estate industry will bring valuable insights and perspectives, significantly contributing to the ongoing success of the company.
Kimco Realty, a real estate investment trust (REIT) and leading owner and operator of high-quality, open-air, grocery-anchored shopping centers and mixed-use properties in the United States, has been publicly traded on the NYSE since 1991 and included in the S&P 500 index. As of December 31, 2024, the company owned interests in 568 U.S. shopping centers and mixed-use assets comprising 101 million square feet of gross leasable space.
The changes in board leadership and the addition of new members mark an important milestone for Kimco Realty as it continues its commitment to corporate responsibility and its focus on driving value through its strategic real estate portfolio. Following these announcements, the company's shares moved 0.1%, and are now trading at a price of $22.31. For the full picture, make sure to review Kimco Realty's 8-K report.
