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New CEO for LI real estate investment firm

Carman's Plaza, a Cedar Shopping Centers property at

Carman's Plaza, a Cedar Shopping Centers property at 900-944 Carman's Rd. in Massapequa. Photo Credit: Handout

The real estate investment trust Cedar Shopping Centers Inc., of Port Washington, plans to replace its chief executive.

The transition will take place June 14 at the company’s annual meeting.

The current chief executive, Leo S. Ullman – who is also president and board chairman – will step down then, though he will stay on until September as a consultant.

Replacing him will be Bruce Schanzer, 42. Schanzer comes from Goldman Sachs Co. where he is managing director of real estate investment banking. At Cedar he will have the job titles of president and chief executive.

Cedar owns a network of shopping centers along the East Coast that are mostly anchored with grocery stores.

Ullman said, “I am very proud of what our team has built since starting out as a small real estate firm over three decades ago."

“Cedar is in good hands with our new CEO, Bruce Schanzer, who has been a valued advisor to our company since before we became a public company more than eight years ago, and I look forward to what Cedar will achieve under his leadership.”

Photo: A Cedar property on Carman's Road in Massapequa.

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