Michael Waters to take over top job
Roger Greenberg announced he is relinquishing his duties as head of the Minto Group in 2013, ushering in a new era for one of Ottawa’s largest real estate firms.
Minto Group CEO Roger Greenberg. (File photo)
“I am stepping down as CEO of Minto as part of an orderly succession plan that been in the works for the past several years,” Mr. Greenberg wrote in an e-mail on Thursday.
However Mr. Greenberg said that “not much will be changing” at the company.
“I will remain as the executive chair of Minto and involved in ongoing strategy and all major decisions,” he wrote.
Michael Waters, the current president of Minto Communities, will be promoted to CEO.
Mr. Greenberg is also going to remain heavily involved with the group that is partnering with the city to redevelop Lansdowne Park, the Ottawa Sports and Entertainment Group. He said his role will continue to be “fairly extensive” as the site becomes home to a renovated stadium and buildings for shopping and residences.
The resignation caps a period in which the company was very active both in Ottawa and around North America.
It announced in September that it had acquired its first residential real estate property in a province outside of Ontario with the purchase of 18 buildings that house 752 units in Calgary.
Mr. Greenberg also helped expand Minto’s footprint in its home province when it purchased a portfolio of residential and commercial real estate property in London, Ont. in 2011.
In 2010 it also bought more property in Florida. It purchased 1,000 lots as part of the retirement community of Sun City in the Tampa area.
This month it announced plans to spend $2.7 million upgrading a portfolio of commercial and residential buildings in the Craig Henry community of Nepean.
While Mr. Greenberg may have helped shaped the vision for the redevelopment of Lansdowne Park, Minto is poised to play a direct role in the project after city staff recommended the company be given the rights to construct office and residential buildings on the Bank Street property.
The company is the second largest homebuilder in Ottawa by number of possessions, according to OBJ records from 2011. Its 749 holdings are second only to Claridge Homes Corp., which has 811.
Since 1955, Minto has constructed more than 70,000 homes in Ottawa, Toronto and Florida and currently manages approximately 14,000 rental units across Canada. Additionally, its commercial portfolio includes more than two million square feet of office, retail and industrial property, as well as the Minto Suite Hotel in downtown Ottawa.
Mr. Greenberg appears to have moderately fell behind his own succession schedule. In a 2004 interview - the year OBJ named him Ottawa’s CEO of the Year - he said he planned to lesson his daily involvement by the time he turned 55.
He had three brothers – Michael, Alan and Robert – who worked for the company at the time. He had three children with his wife Cindy, who were among the 17 members of third generation of the family at the time.
He said he was going to gauge how much interest they had in being involved in the company and plan accordingly.
Mr. Greenberg, 57, inherited leadership of the company from his father Gilbert and uncle Irving, who formed the company in 1955. He first started working for Minto in 1985 and became CEO in the early 1990s.