Realty Income Corp.(NYSE: O) has announced the appointment of Sumit Roy as chief operating officer, effective Oct. 1. Roy will continue to maintain his responsibilities as chief investment officer.
Gary M. Malino will step down as president and COO effective Oct. 1. Malino, who has been president and COO since 2001, will serve as a consultant to the company until Jan. 31, 2015, assisting with the transition process. John P. Case, CEO and director, will reassume the title of president.
“Sumit has continued to play a broad role within the organization and has positively impacted our company during its most notable growth phase ..." Case said in a statement. "The expansion of his responsibilities is well-deserved and I am looking forward to working with him in his additional capacity as COO.”
“It’s been a pleasure working with Gary and I am thankful for his many significant contributions to the company over his 29-year tenure, Case continued. "Gary has effectively served in a variety of leadership roles during a period in which our total enterprise value grew from approximately $300 million to $15 billion. Realty Income is a better company today as a result of Gary’s loyal service.”