- What Slate Office REIT has appointed George Armoyan chair of the board and added Shant Poladian
- Why Sam Altman has stepped down as chair and resigned from the board
- What next Armoyan will oversee the REIT’s restructuring efforts, while Poladian will assist in the transition to internal management
Activist investor George Armoyan has been named chair of the board of Slate Office REIT.
The company also added Shant Poladian as a trustee. Former chair Sam Altman has stepped down and resigned from the board.
Armoyan said he will work closely with the board on the REIT’s restructuring and management internalization. Poladian will also assist with the changes. The company recently announced the termination of its management agreement with Slate Management ULC.
Slate Office has been offloading assets in an attempt to whittle down its massive debt load. Armoyan had previously butted heads with former Slate Office chief executive Brady Welch and his brother, Blair Welch, accusing them of profiting while the company lost value. They in turn accused him of making inappropriate bids for the company.
The Welches have resigned from the board.
Polodian is managing director of real estate advisory firm Springhurt Capital and CEO and co-founder of Junction Realty Partners, a developer of mini midrise apartment properties in Toronto. He was the CEO of Slate Office predecessor FAM REIT.
