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WP Glimcher is proposing to change its name to Washington Prime Group Inc. and has appointed Louis G. Conforti to serve as interim CEO following the resignation Monday of Michael P. Glimcher as vice chairman, CEO and director.
Washington Prime Group was created in 2014 when Simon spun off some of its strip centers and malls in order to focus on prime properties catering to a wealthier clientele. Washington Prime acquired Glimcher in January 2015 and changed its name to the latter. The proposed name change will be submitted to shareholders at their Aug. 30 annual meeting.
Conforti, 51, became a director of Glimcher May 2014, and since April 2014 has been a principal and executive director of Colony Capital Inc. In addition, he has served as managing director of Balyasny Asset management LP since December 2013. Previously Conforti was global head of real estate for UBS O’Connor among many other posts he has held.
“During the next few months, the focus is straightforward: maximize current cash flow of the company, which involves traditional and innovative leasing as well as reducing G&A,” Conforti said, in a prepared statement. “In addition, an evaluation as it relates to the company’s portfolio composition is to be undertaken. The bottom line is that we’ll be rolling up our sleeves and concentrating on the basics of our business.”
Other changes announced Monday were the appointment of Robert J. Laikin to serve as non-executive chairman of the board of directors; Robert P. Demchak as executive vice president, general counsel and corporate secretary; John F. Levy and John F. Dillion to join the board of directors; and Niles C. Overly’s resignation from the board of directors.
