Mitchell Schear’s employment at Vornado Realty Trust will end when the company merges its D.C. business with The JBG Cos. and he becomes a paid consultant with the new company.
The New York real estate investment trust Vornado (NYSE: VNO) disclosed the terms of Schear’s departure in a quarterly earnings statement Monday with the Securities and Exchange Commission. Schear has been with Vornado since 2003, when it acquired Kaempfer Co., where he was president.
The disclosure provides the first detailed information on Schear’s role at the merged entity, JBG Smith Properties Inc., which will instantly become one of Greater Washington’s largest commercial real estate developers and owners.
Schear will continue to earn his $1 million base salary and benefits until the merger is completed, expected during the second quarter. He also will receive the $1.8 million bonus he was slated to receive in 2017, pro-rated based on the merger closure date; up to $2 million in transition service payments;…Read the full story from the Washington Business Journal.
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