WP Glimcher is proposing to change its name to Washington Prime Group Inc., and the firm has appointed Louis G. Conforti interim CEO, following the resignation of Michael P. Glimcher as vice chairman, CEO and director.
Washington Prime Group was originally a spinoff of Simon, created in 2014 when Simon shed some of its strip centers and malls to focus on prime properties that cater to a wealthier clientele. Washington Prime then acquired Glimcher Realty in January 2015, and changed its name to the latter.
Conforti, 51, became a Glimcher director in May 2014, and he has been a principal and executive director of Colony Capital, Inc., since April of that year. 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 several 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 [general and administrative expenses],” 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.”
Glimcher owns 118 centers totaling more than 67 million square feet.
Other appointments announced were those of Robert J. Laikin to nonexecutive chairman of the board; Robert P. Demchak to executive vice president, general counsel and corporate secretary; and John F. Levy and John F. Dillon to join the board. Niles C. Overly will resign from the board.
