Kite Realty Group on Monday announced that it was hiring a chief financial officer for the first time this century.
Heath R. Fear has been named executive vice president and CFO of the Indianapolis-based real estate investment trust, replacing Dan Sink, who stepped down June 30 after serving as Kite’s CFO since 1999.
Fear, who will join Kite on Nov. 5, will be leaving his position as executive vice president and CFO at Chicago-based shopping mall owner GGP Inc., which was acquired Aug. 28 for $15 billion by Toronto-based Brookfield Asset Management Inc. in the third largest REIT takeover of all time.
GGP, which owned about 125 malls, was the second largest U.S. shopping center owner behind Indianapolis-based Simon Property Group.
Fear spent more than 13 years with GGP in executive financial and legal positions, but left the company from August 2015 to September 2017 to work as CFO and treasurer of Oak Brook, Illinois-based Retail Properties of America Inc.
“We are very excited that Heath is joining our team,” said Kite Realty Chairman and CEO John Kite in written remarks. “Heath is an industry veteran. He is very well-respected by the financial community; he has previously served as the CFO at two publicly-traded REITs; and the board and I believe that Heath’s background and strategic vision will nicely complement the KRG executive team.”
Fear received his law degree from the University of Illinois College of Law and a bachelor’s in political science and English from John Carroll University in University Heights, Ohio.
Also on Monday, the company announced the immediate promotion of Wade Achenbach to executive vice president of portfolio management, a newly created position.
Achenbach joined Kite in October 2004 and was most recently senior vice president of capital markets and corporate treasurer.
In the new position, Achenbach will oversee the operational performance and evaluation of Kite’s real estate portfolio.
Kite owns interest in about 115 in 115 operating and redevelopment properties, mostly in retail, totaling 22.5 million square feet.