8-K: Kimco Realty Announces CAO Retirement, Internal Promotion

Kimco Realty Corporation announced the retirement of its Chief Accounting Officer, Paul Westbrook, and the promotion of Kathleen Thayer to the role, effective April 1, 2026.

Summary

• Paul Westbrook, Vice President, Chief Accounting Officer of Kimco Realty Corporation and Kimco Realty OP, LLC, will retire effective March 31, 2026.
• His departure is due to retirement and is not the result of any disagreement with the company on matters relating to its operations, policies, practices, or accounting issues.
• Kathleen Thayer, currently Senior Vice President and Treasurer, Corporate Accounting, will succeed Mr. Westbrook.
• Ms. Thayer will assume the role of Executive Vice President, Treasurer and Chief Accounting Officer of Kimco Realty Corporation and Kimco Realty OP, LLC, effective April 1, 2026.
• Ms. Thayer, age 48, joined Kimco in June 2006 as an Accounting Manager and has progressed through various roles, including Vice President and Assistant Treasurer (February 2022) and Senior Vice President and Treasurer, Corporate Accounting (January 2024).
• She is a Certified Public Accountant with a Bachelor of Science in Accounting from The State University of New York at Geneseo.

Sentiment

Score: 7

Explanation: The sentiment is positive due to a well-managed succession plan, the promotion of an experienced internal candidate, and the explicit statement that the departure is not due to any disagreements, indicating stability and continuity in financial leadership.

Positives

• The transition of the Chief Accounting Officer role is planned and orderly, with a clear succession plan in place.
• Kathleen Thayer, an internal candidate with 18 years of experience at Kimco and a strong accounting background, is being promoted, indicating internal talent development and continuity.
• The company explicitly stated that Mr. Westbrook's departure is not due to any disagreements regarding operations, policies, practices, or accounting issues, which mitigates potential concerns.

Future Outlook

The filing does not provide specific forward-looking statements or guidance beyond the effective date of the management change.

Industry Context

This management change reflects a standard succession planning process within a publicly traded REIT. The promotion of an internal candidate with extensive company experience is a common practice aimed at ensuring continuity and leveraging institutional knowledge, aligning with broader corporate governance trends emphasizing stable leadership transitions.

Management Changes

Stakeholder Impact

• Shareholders: Likely minimal impact, as the transition appears smooth and well-managed, ensuring continuity in financial reporting.
• Employees: Positive signal for internal career progression and talent development within the company.
• Creditors: The stability in the Chief Accounting Officer role suggests continued reliable financial reporting, which is favorable for creditors.

Next Steps

• Paul Westbrook will continue in his role as Vice President, Chief Accounting Officer until March 31, 2026.
• Kathleen Thayer will assume the role of Executive Vice President, Treasurer and Chief Accounting Officer on April 1, 2026.

Key Dates

Keywords

Kimco Realty, KIM, Chief Accounting Officer, CAO, Management Change, Retirement, Promotion, Corporate Governance, Real Estate Investment Trust, REIT