Stock Alert: Seritage Growth Slides 13% After CEO's Resignation

(RTTNews) - Shares of Seritage Growth Properties (SRG), a New York-based real estate investment trust, are falling more than 13 percent or $2.26 in Friday's morning trade at $14.88.

Thursday, Seritage said Benjamin Schall, the company's Chief Executive Officer, President and Trustee, is resigning from his role to pursue another opportunity. Schall will also step down from the Board of Trustees in January 2021.

The Board of Trustees will conduct a search for Schall's successor, which shall include internal and external candidates.

According to Seritage, Schall's departure was not due to any disagreement with the company on any matter relating to its operations, policies or practices.

In November, Seritage had announced the resignation of Brian Dickman, chief financial officer and executive vice president.

Seritage Growth Properties has traded in a range of $5.00 to $40.93 in the past 52 weeks.