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Top leadership changing at Cedar Shopping Centers

The president and CEO, and chief financial officer of Cedar Shopping Centers Inc. both are leaving their posts and new leaders will take over during the first half of June, the company said Wednesday.

The Port Washington, N.Y.-based firm, which has extensive retail center holdings in the midstate, said Chairman, President and CEO Leo S. Ullman will retire effective June 15.

Succeeding him as president and CEO is Bruce Schanzer, who is joining Cedar effective June 15 from serving as managing director of real estate investment banking at New York City-based Goldman, Sachs & Co.

Schanzer has been an adviser to Cedar since before it went public eight years ago, Cedar said.

Ullman also has served as chairman of the company’s board of directors. Directors are scheduled to be elected at Cedar’s June 15 annual shareholder meeting, according to a filing with the Securities and Exchange Commission.

On May 24, Cedar named Phillip R. Mays chief financial officer to succeed Lawrence E. Kreider. Mays will take his new position next week, Cedar said.

Ullman and Kreider will remain consultants for Cedar through transition periods, according to a news release.

Shares of Cedar are traded on the New York Stock Exchange under the ticker symbol CDR.

Editor’s note: This item was modified from its previous version to correct that Leo S. Ullman and Lawrence E. Kreider will remain consultants for Cedar through the transition periods.

Brent Burkey

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