Ontario Teachers’ Pension Plan and Cadillac Fairview Announce Leadership Changes, Evolution to Real Estate Operating Model to Drive Growth
TORONTO, ON—Ontario Teachers’ Pension Plan (“Ontario Teachers’”) and Cadillac Fairview (“CF”) today announce a leadership change as well as an evolution in their real estate operating model that will further accelerate the growth and diversification of real estate investments.
John Sullivan to Retire as President and CEO of CF; Salvatore Iacono Appointed as Successor
After a successful career in commercial real estate spanning more than 30 years, including 25 years at CF, John Sullivan, President and CEO, announces his intention to retire on November 1, 2023. During his 13-year tenure as CEO, Sullivan successfully architected the company’s strategic evolution, creating lively community hubs around retail, housing, services, office spaces and transit. Most recently, Sullivan steered CF through its most challenging period in modern history, the COVID-19 pandemic.
Salvatore (Sal) Iacono, currently Executive Vice President, Operations, has been appointed as President and CEO of Cadillac Fairview effective November 1, 2023. Iacono joined CF in 2008 and has brought depth of operational leadership in managing the organization’s 38 million square foot retail, office, and mixed-use portfolio in Canada. He holds a Master of Business Administration degree from McGill University and a Bachelor of Engineering degree from Concordia University.
“I would like to thank John for tremendous leadership over many years. He has been instrumental in elevating CF into one of the world’s premier real estate companies and a leader in cultivating vibrant destinations and innovative communities,” said Jeff Jacobson, Chair of CF’s board. “I would also like to congratulate Sal on his new role as President and CEO. I am confident that given his extensive experience, broad network, and strong leadership capabilities that he is well-placed to lead CF in the coming years.”
“It has been a tremendous honour to lead the talented team at CF for 13 years. Together we have built an unmatched portfolio, transformed cities across Canada and built exciting partnerships with some of the best companies in the world,” said John Sullivan, President and CEO, Cadillac Fairview. “I am incredibly proud of all we have accomplished and will watch with great pride as CF continues to lead the industry with Sal at the helm and in ongoing partnership with Ontario Teachers'.”
After retiring as President and CEO effective November 1, 2023, Sullivan will remain at CF in an advisory capacity to support a successful transition.
Evolution to real estate operating model
Building on a strong relationship dating back 25 years and recognizing the critical role real estate plays in our portfolio construction and ability to deliver pension security over the long term, Ontario Teachers’ and CF will be evolving their operating model to support further growth of the real estate portfolio and continued value creation.
As Ontario Teachers’ continues to execute its global growth strategy working towards reaching $300 billion in net assets by 2030, it will be establishing an in-house real estate asset class group to oversee real estate investment activities. This aligns its real estate investment approach to that of other asset groups within Ontario Teachers’, where investment capabilities are embedded to enable information sharing, co-sourcing, and best practices across its global platform.
In support of this model, Ontario Teachers’ will be welcoming CF’s global team of 37 real estate investment professionals to the organization and will conduct a search for a Global Head of Real Estate, to lead Ontario Teachers’ real estate group. This role will report to Ziad Hindo, Chief Investment Officer, Ontario Teachers’ and will join Ontario Teachers’ Investment Executive Team.
“We are excited to continue our decades long relationship with CF under an evolved model that will capitalize on expertise across our two organizations and further strengthen our respective positions as a leading global investor and a best-in-class Canadian real estate owner and developer,” said Ziad Hindo, Chief Investment Officer, Ontario Teachers’. “We are excited to welcome members of CF’s international investments team directly into Ontario Teachers’ in the new year as we establish a leading real estate investment group as a strategic complement to our existing investment teams across other asset classes.”
Going forward under this model, which is targeted to be in place January 1, 2024,
Ontario Teachers’ will focus on global real estate investing and portfolio management, while CF will focus on growth, diversification, and densification of its unmatched real estate portfolio in Canada, building on its strong reputation and history as a leader in this space. CF will also continue to provide excellence in a variety of real estate services to Ontario Teachers’ global real estate platform.
Ontario Teachers’ and CF will be working together to support a smooth leadership and operating model transition in the months ahead.
About Ontario Teachers'
Ontario Teachers' is a global investor with net assets of C$247.2 billion as at December 31, 2022. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 336,000 working members and pensioners.
With offices in Hong Kong, London, Mumbai, San Francisco, Singapore and Toronto, our more than 400 investment professionals bring deep expertise in a broad range of sectors and industries. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.5% since the plan's founding in 1990. At Ontario Teachers', we don't just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on LinkedIn.
About Cadillac Fairview
Cadillac Fairview (CF) is a best-in-class owner, operator, investor, and developer of best-in-class real estate across retail, office, residential, logistics, and mixed-use asset classes.
The company's Canadian portfolio comprises 68 landmark properties, including the Toronto-Dominion Centre, CF Toronto Eaton Centre, Tour Deloitte, CF Carrefour Laval, CF Chinook Centre and CF Pacific Centre. Continually striving to make a positive impact in communities where it operates by promoting social connection, growth, and a sustainable future, CF’s purpose is Transforming Communities for a Vibrant Tomorrow. Visit www.cadillacfairview.com for more information.
Ontario Teachers' Pension Plan
Phone: +1 416-419-1437
Phone: +1 647-282-9214