Posted 18 July, 2023

Medalist Diversified REIT, Inc. appointed Francis P. Kavanaugh as new CEO

Nasdaq:MDRR appointed new Chief Executive Officer Francis P. Kavanaugh in a 8-K filed on 18 July, 2023.

  Effective upon the Internalization, the Board appointed Francis P. Kavanaugh as the Company's interim Chief Executive Officer and President.  

Don't how to trade CEO change? Read Reasons for CEO Turnover and Effect on Stock Performance.
Overview of Medalist Diversified REIT, Inc.
Real Estate/Construction • Diversified REITs
Medalist Diversified REIT, Inc. engages in the acquisition, reposition, renovate, lease, and management of income-producing properties. It focuses on commercial properties, including flex-industrial and retail properties, multi-family residential properties, and limited-service hotel properties. It operates through the following segments: Hotel Properties, Retail Center Properties, and Flex Center Property. The company was founded on September 28, 2015 and is headquartered in Richmond, VA.
Market Cap
View Company Details
Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 

In connection with the Internalization and pursuant to the Termination Agreement, each of Messrs. W. Elliott and Messier provided notice of their respective resignations as director, Chairman & Chief Executive Officer and director, Vice Chairman, President & Chief Operating Officer, effectively immediately upon the Internalization. The information set forth in Item 1.01 with respect to the termination of the Management Agreement is incorporated by reference into this Item 5.02.

Effective upon the Internalization, the Board appointed Francis P. Kavanaugh as the Company's interim Chief Executive Officer and President. Mr. Kavanaugh, age 63, currently serves as an independent member of the Board and was appointed effective May 24, 2023. Mr. Kavanaugh is the co-founder of Fort Ashford Funds, LLC, a privately held investment firm, and has served as its Managing Director since its inception in 2004. He also serves in a leadership role at New Patriots Holdings, Inc., a professional employer organization. Mr. Kavanaugh has over 30 years of diverse experience in real estate investment, business restructuring, and operational leadership. He has been actively involved with the restructuring of over 20 businesses in the public and private sectors and is adept at navigating complexity and implementing strategic changes.

Additionally, on July 18, 2023, Colin M. Elliott, Vice President of the Company, notified the Company of his intent to resign as an employee of Gunston Consulting, LLC and consequently as Vice President of the Company and from all other positions held with the Company and the Operating Partnership. The Company and Mr. C. Elliott are currently negotiating the effective date of his resignation and other material terms in connection therewith.