JERICHO, N.Y. -- Convenience-store real-estate company Getty Realty Corp. has announced that David B. Driscoll, president and CEO, will be retiring effective Dec. 31, 2015. Christopher J. Constant, vice president, CFO and treasurer, has been selected by the board of directors to succeed Driscoll.
The company has also initiated a search for a new CFO and treasurer to succeed Constant in those roles.
“Getty has successfully transformed itself under David’s leadership over the nearly six years since he joined the company, and we are proud of what has been accomplished," Leo Liebowitz, chairman, said. "David led efforts that have resulted in our having a more diversified revenue base and a portfolio that is materially improved from a credit quality perspective, all while enduring the bankruptcy of a major tenant. Our board thanks David for his service, and we are pleased the company is well positioned to continue to build on our progress in creating shareholder value.”
Constant has served Getty in a number of capacities since he joined the company in November 2010 as director of planning and corporate development. He was appointed CFO in December 2013 after previously being named Getty’s treasurer (May 2012) and, more recently, vice president (May 2013). Constant joined Getty from Morgan Joseph & Co. Inc.
Until his retirement, Driscoll will continue to serve as president and CEO and will work with Constant and the management team to effect an orderly transition of leadership. For a period of time thereafter. Driscoll will provide advisory services as an employee of the company.
When he retires, Driscoll will resign as a director on the company’s board, which will appoint Constant to be a director.
“During my tenure, Getty has accomplished a meaningful transformation that included approximately $500 million of asset acquisitions and the repositioning of more than 50% of the company’s assets. I will leave knowing that the company is in capable hands. Chris knows the architecture of Getty intimately and has worked tirelessly with me to position Getty to benefit from the growth drivers our team has put in place. It’s been an honor and a privilege to work closely with the team in transforming Getty. The company and team are well prepared to sustain our progress with the best years still to come.”
Getty Realty is the leading publicly traded real-estate investment trust (REIT) in the United States, specializing in ownership, leasing and financing of convenience-store and gas -station properties. It owns and leases approximately 865 properties nationwide.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.