Macy's has added William H. Lenehan, president and CEO of Four Corners Property Trust, Inc., to its board of directors to help advise the retailer on maximizing the profit potential of its real estate portfolio.
“Bill will contribute to our board’s expertise and working knowledge on matters related to real estate, an important area of activity as we work to create shareholder value through joint ventures or other partnerships related to Macy’s flagship stores and mall properties,” said Terry J. Lundgren, chairman and chief executive officer of Macy’s, Inc., in a press release. “Bill’s perspective is rooted in his real estate experience in a variety of industry sectors, including net lease, restaurants, mall, office, residential, and mixed-use.”
Lenehan, 39, became president and CEO of Four Corners, a publicly traded REIT focused on foodservice real estate, in August 2015. Previously, he served as special advisor to the board of EVOQ Properties, Inc., owner of a substantial portfolio of development assets in downtown Los Angeles; interim CEO of MI Development (now known as Granite Real Estate Investment Trust), a real estate operating company; and investment professional in the real estate group of Farallon Capital Management LLC, a global asset management firm.
Macy’s, Inc. operates about 870 stores in 45 states, the District of Columbia, Guamand Puerto Rico under the names of Macy’s, Bloomingdale’s, Bloomingdale’s Outlet, Macy’s Backstage and Bluemercury.
Read our past coverage of Macy's and its real estate strategy: Seller Beware; Macy’s cuts costs after holiday sales disappoint; Macy’s mulls launch of off-price division, other initiatives.
