-CBL Properties announced that Jonathan Heller is resigning as chairman of the Board, effective today (Wednesday).
Mr. Heller notified the company that he is stepping down as chairman to focus his time and energy on building his new investment firm, Helix Partners.
He joined CBL’s board in October 2021 and became its chairman in November 2021, in conjunction with CBL’s successful restructuring.
“We are immensely grateful to Jonathan for his leadership and service to the company,” said Stephen D. Lebovitz, director and CEO of CBL. “As a leading voice for CBL’s creditors during our restructuring process, Jonathan exhibited an unwavering commitment to working with CBL to create a sustainable financial structure for the company’s future. As Chairman, Jonathan continued these efforts and provided important guidance to Management and the Board. CBL now enjoys a strong financial position, including a low leverage balance sheet which primarily consists of non-recourse mortgage debt, as well as a robust cash position and healthy free cash flow generation. We appreciate Jonathan’s dedication to furthering CBL’s success and wish him well as he takes on his next opportunity.”
CBL’s current Lead Independent Director, David Contis, has been appointed as chairman of the Board in light of Mr. Heller’s departure. Mr. Contis has extensive real estate and capital markets experience having served as President of the Mall Platform for Simon Property Group, President of real estate for Sam Zell’s Equity Group Investments and EVP and Chief Operating officer of The Macerich Company, it was stated.
Mr. Contis is the founder and president of Agora Advisors, Inc., which provides consulting services to real estate and retail companies in North and South America.
Commenting on Mr. Contis’ appointment as Chairman of the Board, Mr. Lebovitz said, “Since joining the Board in late 2021, David’s considerable experience and counsel have served as a valuable resource to Management and the Board. He is perfectly suited to step into the role of Chairman and I, along with the other directors, look forward to working with him in this capacity.”