Jason Parravano will once again add the familiar letters, CEO, to his business cards when he takes the top position at Plaza Retail REIT on Jan. 2, 2025.
Fredericton-based Plaza (PLZ.UN-T) announced this morning Parravano will take the dual roles of president and chief executive officer on that date, succeeding longtime chief executive Michael Zakuta, who will continue with Plaza as a member of its board of directors.
Parravano has been the REIT’s chief operating officer since he joined Plaza on Jan. 8 of this year, providing leadership and overseeing the trust's day-to-day activities.
He “immersed himself in the Plaza culture” today’s release states, and led the teams responsible for all aspects of the trust's portfolio, including investment, leasing, operations, asset management, development, redevelopment and construction.
He has also helped shape and coordinate the implementation of Plaza's strategy going forward.
Prior to joining Plaza, Parravano spent eight years at Canadian Net Real Estate Investment Trust, where he was president and chief executive officer from 2017 to 2023. He is a graduate of Concordia University's John Molson School of Business and holds a Chartered Professional Accountant (CPA) designation.
"The board has every confidence in Jason's ability to assume responsibility for the overall leadership, strategic direction and business performance of the Trust. He possesses a deep understanding of our business and the industry and we look forward to working with him in continuing to advance the Trust's strategic objectives and driving growth for many years to come," Doug McGregor, the chair of Plaza’s board, said in the announcement.
Zakuta to remain on board of directors
Zakuta, one of the founders of Plaza Retail REIT, will begin transitioning the president and CEO roles immediately.
"Michael has been central to all of the trust's major achievements. His contributions to Plaza have been immense," McGregor said in the announcement. "We have benefitted greatly from Michael's dedication, strategic real estate knowledge and leadership for almost 20 years and are grateful to have his continued support on the board."
"I have been extremely fortunate to work with the team at Plaza and am proud of their accomplishments over the years. They have helped put together a high-quality portfolio which is a tremendous foundation upon which to build," Zakuta said in the release. "I look forward to transitioning the leadership of the trust to Jason's capable hands and continuing as an active member of the board."
Plaza is an open-ended real estate investment trust focused on retail property ownership and development. Its portfolio is based in Ontario, Quebec and Atlantic Canada.
Plaza's portfolio at June 30 included interests in 225 properties totaling approximately 8.9 million square feet, plus lands held for development.
The portfolio largely consists of open-air centres and stand-alone, small-box retail outlets. It is predominantly occupied by national tenants with a focus on the essential needs, value and convenience market segments.