Philadelphia — Veteran executive of the 52-year-old REIT to succeed Ronald Rubin who will remain chairman.
Philadelphia — Joseph F. Coradino will become chief executive officer of Pennsylvania Real Estate Investment Trust (PREIT) on June 7 at the company’s annual meeting of shareholders. Coradino will succeed Ronald Rubin, who will serve as executive chairman.
Joseph Coradino has been with PREIT and a predecessor company for three decades, serving since 2004 as president of PREIT Services and PREIT-RUBIN Inc. and as a member of the office of the chairman. He has been a trustee of PREIT since 2006.
Ronald Rubin said, “Joe Coradino has been a highly valued member of our management team for more than 30 years and is one of the most talented and effective executives in the commercial real estate industry today. He has played an integral role in developing and executing PREIT’s strategic priorities, including driving ongoing improvement in the operating and sales performance of our mall portfolio. As we work to further build our leadership position in the shopping center industry, Joe is the ideal person to head PREIT.”
Joseph Coradino said, “It is an honor to lead PREIT into its next stage of its growth and success. We are operating from a position of strength today given the strides we have made in our development and redevelopment programs, diversifying our revenue streams and increasing occupancy, and improving our margins. With this strong foundation in place, we are poised to continue creating compelling experiences for our tenants and shoppers at our properties, as well as further enhancing value for our shareholders. As we do this, I am delighted to be able to continue to benefit from the unparalleled expertise and experience that Ron Rubin has long brought to PREIT.”
Ira Lubert, Chairman of the Nominating and Governance Committee of PREIT’s Board of Trustees, said, “Succession planning has been a key priority of Ron Rubin and our Board of Trustees, and the appointment of Joe Coradino as PREIT’s next chief executive marks the very successful culmination of our work. His talent and track record of accomplishment make clear that he is the ideal choice for the position. As we welcome Joe to this new role, we also thank Ron for his many years of exceptional, distinguished service to PREIT.”