Cafaro Brothers to Retire Effective Jan. 1
Dec. 28, 2009 12:48 p.m.
YOUNGSTOWN, Ohio The Cafaro Co. announced moments ago the retirements of brothers Anthony M. Cafaro Sr. and John J. "Jay" Cafaro effective Jan. 1. The company termed the retirements a passing of the torch and said Anthony's sons, William and Anthony Jr., will assume full responsibility for day-to-day operations.
Anthony Cafaro Sr. is president and CEO of the real estate development company. John J. Cafaro is a vice president. Neither Anthony Sr. nor Jay could be reached for comment. The company's spokesman, Joe Bell, said neither would be granting interviews.
The Cafaro Co., founded 60 years ago by William Cafaro, father of Anthony Sr. and J.J., describes itself as "one of the nation's largest privately held shopping center developers." It owns and operates 30 million square feet of retail space in 11 states.
Here is the full text of the company's announcement:
The Cafaro Company announces the retirement from day-to-day operations of Anthony M. Cafaro Sr. and John J. "Jay" Cafaro, effective at the end of this year. Simultaneously, each will be resigning his position in the Cafaro Company.
"My retirement and that of my brother, Jay, are part of an ongoing transition process that the company commenced several years ago." said Anthony M. Cafaro Sr., company president. "We very much revere and value longevity and continuity of personnel within our organization. Based upon the ever increasing responsibilities that William A. Cafaro and Anthony Cafaro Jr. have assumed over the past decade or so, Jay and I can retire without the company missing a beat." he stated.
Anthony Cafaro Sr. began his early working life on the maintenance staff, and in the field as a construction laborer and then as a surveyor's assistant. He later made the transition to the corporate office as an engineering draftsman and then purchasing agent. His full-time employment within The Cafaro Company began in 1968 as a leasing agent in the real estate department, where he thereafter became the director of leasing. He was appointed as president and CEO of the company in 1984, and has retained that position since then.
The employment history of Anthony's brother, John J. Cafaro, followed a similar path. Again starting in the company's maintenance department, "Jay" functioned as assistant construction superintendent at several of The Cafaro Company's mall projects, including Tallahassee Mall in Tallahassee, Fla., and Beaver Valley Mall in Center Township, Pa. Jay's full-time capacity in the company began in 1974, and although his duties have included a variety of areas, his primary focus has been on acquisition, leasing and development issues. Jay was appointed a vice president of the company in the late 1970s. "This is an example of succession planning at its very best." said Jay. "Will and Anthony, Jr. are ready to take over and, if called upon, we stand ready to assist them in order to maintain the stability and viability of The Cafaro Company."
Although they will be leaving their full-time positions with The Cafaro Company, both Anthony Sr. and Jay will continue to be available for consultation and special projects on behalf of the company. Each will maintain his office space within the Cafaro Building until they have been able to transition out of their current projects.
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