THE manager of on Tuesday (Mar 19) said it appointed John Casasante to the dual role of chief executive officer (CEO) and chief investment officer (CIO).

 

He replaces William David Gantt III, also known as Tripp, who is resigning due to &ldquo pressing family needs that require his full time and attention&rdquo .

 

The real estate investment trust&rsquo s (Reit) manager said in separate bourse filings that deputy CEO Caroline Fong, CIO Patrick Arthur Browne, and CFO Robert Wong are also stepping down to pursue other opportunities. Their resignations will be effective on Jun 30, 2024.

 

It has also appointed Mushtaque Ali as CFO designate to replace Wong and take over Fong&rsquo s responsibilities as deputy CEO. He will join the Reit manager, Manulife US Real Estate Management, on Apr 12.

 

Ali joins from Manulife Investment Management, where he was head of finance for Singapore and South-east Asia. He has over 25 years of finance and accounting experience, mainly in the investment management industry, with a focus on private assets and real estate investment management.

 

Casasante, who has been appointed CEO and CIO designate, joins from global asset manager DWS, where he was regional director of real estate asset management alternatives and real estate assets.

 

He has more than 25 years of commercial real estate experience with DWS, Cushman & Wakefield, and Lincoln Property Company.

 

When he joins the team on Apr 8, he will lead the manager&rsquo s move to dispose of assets according to Reit&rsquo s recapitalisation plan and maximise proceeds to pare down debt and fund capital expenditure.

 

He will also oversee the Reit&rsquo s operations, business and investment strategy. Casasante&rsquo s appointment is subject to regulatory approval, the manager said.

 

&ldquo I look forward to making progress on asset dispositions, improving the balance sheet, and repositioning the portfolio for long-term growth,&rdquo Casasante said.

 

DBS Group Research analysts are surprised by the resignation of Manulife US REIT&rsquo s &ldquo whole C-suite&rdquo , announced pre-market on March 19. 

 

&ldquo The existing management team has held the helm during the most difficult and challenging times&hellip Following the stabilisation of MUST with the recapitalisation plan, a complete change of the C-suite came as a surprise,&rdquo say DBS analysts in a March 19 note.

 

The manager has appointed DWS&rsquo s John Casasante as CEO and CIO, replacing current CEO William &ldquo Tripp&rdquo Gantt and deputy CEO Caroline Fong. Casasante will also replace current CIO Patrick Browne, who is based in the US. 

 

In addition, CFO Robert Wong of the REIT manager will make way for Mushtaque Ali, who joins from sponsor Manulife Investment Management.

 

The four senior leaders announced their resignation concurrently on March 19. CEO Gantt has &ldquo pressing family needs that require his full time and attention&rdquo , while the other three cited a desire to &ldquo pursue other opportunities&rdquo .

 

Casasante will be appointed as CEO- and CIO-designate on April 8. He has been the regional director of real estate asset management alternatives and real estate assets at DWS, formerly RREEF, since 2006. 

 

Ali will be appointed as CFO-designate on April 12. He is currently the head of finance, wealth & asset management, Singapore and Southeast Asia, Manulife Global Wealth and Asset Management a role he has held since March 2022. 

 

He has been in Manulife Group since May 2014. Both the appointments will be subject to regulatory clearance and will be effective on June 30. 

 

Calling the exit a &ldquo complete shake-off&rdquo , DBS analysts note that Ali appears to have been &ldquo seconded&rdquo from the sponsor, Manulife Group. 

&ldquo The change in management team hopefully could see a refresh perception of MUST,&rdquo add the analysts.

 

This is the second US office S-REIT to announce management changes this week, following the resignation of Harmeet Singh Bedi, CEO of the manager of Prime US REIT OXMU 0.00% , on March 15. 

 

DBS is maintaining &ldquo hold&rdquo on Manulife US REIT with a target price of 10 US cents.