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Top finance exec replaced at realty trust

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

Cedar Shopping Centers Inc., a Port Washington-based real estate investment trust, has replaced its chief financial officer.

Cedar specializes in supermarket-anchored shopping centers in the mid-Atlantic and Northeast coastal regions of the country.

The new executive, Philip R. Mays, starts June 13. He replaces Lawrence E. Kreider, who will remain on the payroll as a consultant for the rest of the year; Kreider held the top finance job at Cedar for four years.

Cedar, in a Tuesday news release, did not give a reason for the change.

Mays has nearly 20 years' experience as a financial and accounting executive, with a strong background in real estate investment trusts and the Securities and Exchange Commission, Cedar said.

For the past six years, Mays worked for Federal Realty Investment Trust, starting in 2005 as controller, with promotions to chief accounting officer and vice president.

Cedar chief executive Leo Ullman said in the news release that Mays "is expected to be a critical member of the company's team as we execute on our previously announced business plan for enhancing the quality of our portfolio and our operating results in the coming years." 

Above, Carman's Plaza, a Cedar Shopping Centers' property in Massapequa.

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