Less than a month after terminating the employment of its CEO, Houston-based Whitestone REIT (NYSE: WSR) — a real estate investment trust focused on shopping centers in the Sunbelt — has announced more leadership shake-ups.
Departures
John Dee, who had been COO since 2006, left the company Feb. 9, the company said. His previous executive roles at Whitestone include senior vice president and CFO.
Dee's 2020 annual base salary as COO was $320,000, according to Whitestone's annual proxy statement filed with the U.S. Securities and Exchange Commission on April 2, 2021. His total compensation for 2020 was over $815,000.
Bradford Johnson, who served as Whitestone's executive vice president of acquisitions and asset management, also left the company Feb. 9. Johnson has been with the company since 2010.
According to Whitestone's April 2021 proxy statement, Johnson's 2020 annual base salary as EVP of acquisitions and asset management was $300,000. His total compensation for 2020 was over $971,000.
In connection with their departures, Dee and Johnson will receive all unpaid salary and unaccrued vacation concerning periods ending on or before their Feb. 9 termination date, according to a Feb. 14 SEC filing.
The company said the departures of Dee and Johnson are part of the leadership transition. No further details were provided, but the Houston Business Journal reached out for more information.
"I would like to thank John and Bradford for their contributions to the company over the years," said Whitestone REIT CEO Dave Holeman. "Their leadership and dedication to the company helped shape our evolution as well as our ability to execute on our strategic initiatives. On behalf of the entire board and management team, I wish both of them all the best in their future endeavors."
Successors and promotions
Succeeding Dee is Christine Mastandrea, effective immediately. She will add the COO duties in addition to her current role as the company's executive vice president of corporate strategy, a role she's held since 2013.
Before joining Whitestone, Mastandrea worked at Robert W. Baird & Co., an independent investment bank and financial services company in Milwaukee, Wisconsin. Mastandrea advised Whitestone on some of its significant projects, such as the company going public in 2010.
Mastandrea is also an adjunct professor in real estate management at the Jones Graduate School of Business at Rice University.
Whitestone has not yet determined what Mastandrea's compensation will be as COO, according to the Feb. 14 SEC filing. Her 2020 annual base salary as the EVP of corporate strategy was $300,000, according to Whitestone's annual proxy statement. Her total compensation for 2020 was over $976,000.
As of the April 2021 proxy statement, Mastandrea had been married to James Mastandrea, the company's previous CEO and a trustee, for 29 years. Whitestone's board of directors voted to terminate the employment of James Mastandrea for cause on Jan. 18. The board said its decision was based on an independent investigation that found his "conduct to be in violation of his employment agreement and inconsistent with company standards and the responsibilities of the CEO," according to a late Jan. 18 press release. James Mastandrea's termination was not related to the company's operating performance, financial condition or reporting, the release stated.
Other promotions include:
- General Counsel Peter Tropoli will add the corporate secretary role in addition to his current duties.
- Michelle Sive has been promoted from director of human resources to vice president of human resources.
- David Mordy was hired as the company's new director of investor relations, effective Feb. 14. Before joining Whitestone, Mordy spent seven years as director of investor relations for Houston-based CenterPoint Energy Inc. (NYSE: CNP) and was CenterPoint's midstream business development manager and manager of strategic planning from 2007 to 2014.
- Michael Ly was hired as the company's new controller, effective Feb. 21. He most recently served as director of accounting for BlueSprig Pediatrics, an applied behavior analysis therapy provider. He also previously served as Whitestone’s assistant controller for SEC accounting from 2018 to 2021 after joining Whitestone as corporate accountant in 2017.
"The leadership changes we are announcing today underscore Whitestone's ability to attract and develop outstanding talent with the right skills to build on our progress," Holeman said. "Christine has been a valuable member in leading the operation's strategic direction, and I am confident she will continue to drive Whitestone's operational excellence and positive momentum. I also welcome David and Michael to the Whitestone family and look forward to working with them as the company embarks on this important next chapter focused on expanding its high-quality property portfolio and delivering improved returns to shareholders."
Whitestone's website lists 16 Houston-area properties in the company's portfolio, the most prominent of which is the Blvd Place mixed-use development at the corner of San Felipe Street and Post Oak Boulevard. Whitestone completed the acquisition of Blvd Place from Houston-based developer Wulfe & Co. in 2017.
