Westwood Financial Announces The Departure Of CEO Joe Dykstra
LOS ANGELES, Dec. 21, 2018 /PRNewswire/ -- Westwood Financial, a leading retail real estate investment firm, announced today that Joe Dykstra and the company have mutually agreed he will leave the firm at the end of the year. The company plans to announce the next Chief Executive Officer in early January. In the interim, co-founders Howard Banchik and Steve Fogel have resumed the duties of co-CEO's and will oversee the day-to-day operations of the company. Mr. Banchik and Mr. Fogel presided over the company as co-CEO's for 46 years, with their former tenure ending in 2016.
Founder, board member, and co-CEO Steve Fogel commented, "I want to thank Joe for nearly thirty years of service to Westwood Financial. Joe executed on over 300 capital markets transactions totaling approximately $3 billion and was the driving force in expanding the portfolio nationally shaping the high-quality grocery-anchored portfolio that Westwood maintains today. Additionally, Joe helped shape the fabric of the organization through his thought-leadership, passion, and unrelenting work ethic."
Joe Dykstra, CEO commented, "Messrs. Banchik and Fogel were fantastic to work with and our time together was an incredible journey. I have always been proud to share the Westwood story with the marketplace. The highlight of our time together was the reorganization transaction in 2016. We consolidated the limited partnership properties and the management company into a $1.2 billion master limited liability company, thereby creating an internally managed single ownership platform for 76 assets. I am proud of the team at Westwood and the progress we made in institutionalizing the company over the last two years. I wish the board and the team at Westwood the best for the future. In the meantime, I'm planning on taking a much needed vacation and am excited for what comes next! "
Martin Caverly, independent director of Westwood Financial, LLC, added, "On behalf of the board of directors, I would like to thank Joe for his two years of service as CEO of Westwood. Joe's vision for growing the company and his passion for institutionalizing the portfolio and platform will position Westwood well for its next chapter."
About Westwood Financial
Westwood Financial owns over 70 community shopping centers, primarily-anchored by top-tier grocers, across 26 U.S. markets including Dallas, Phoenix, Atlanta, Los Angeles, and Charlotte. Established in 1970, Westwood Financial is headquartered in Los Angeles, with regional offices in Dallas, Atlanta, and Scottsdale. More information is available at www.westfin.com.
Contact:
Volker Schramm
(310) 820-5443
[email protected]
SOURCE Westwood Financial
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