Macy’s Inc. said Monday that it has hired Douglas Sesler as executive vice president for real estate, starting tomorrow. He will lead initiatives such as creating joint ventures and other partnerships involving the retailer’s flagships and mall-based locations, working closely with Macy’s banking advisors and other executives. Sesler was most recently president of True Square Capital LLC, a real estate investment and advisory firm. The appointment comes just a couple of weeks after William Lenehan, an expert in real estate trusts, was appointed to the company’s board. Macy’s has faced pressure from investors, including activist investor Starboard Value, to drive greater value from its real-estate holdings. Macy’s has said it won’t spin off a real estate investment trust (REIT) but would seek out partnerships. Macy’s shares are down 1.2% in Monday trading, and down 37.4% for the past year. However, shares have climbed 21.4% for the year so far. The S&P 500 is up 1.1% for the year to date.
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