Salvatore Iacono will succeed John Sullivan as president and chief executive officer of Cadillac Fairview, the real estate arm of the Ontario Teachers’ Pension Plan, effective November.

Iacono joined the real estate investment organization in 2018 and is currently its executive vice-president of operations. In the position, he’s responsible for overseeing the retail, office and mixed-use real estate portfolio.

Read: CPPIB reinvesting in airport operator, Cadillac Fairview developing Calgary-area industrial site

Following the transition, Sullivan will remain at Cadillac Fairview in an advisory capacity. He announced his intention to retire from the role, which he’s held since 2009, in 2022. “I am incredibly proud of all we have accomplished and will watch with great pride as CF continues to lead the industry with Sal at the helm and in ongoing partnership with Ontario Teachers’,” he said in a press release.

The news comes as the Ontario Teachers’ announces it’s launching its own internal real estate asset class group. The group will include 37 real estate investment professionals currently employed by Cadillac Fairview.

The defined benefit pension plan is seeking candidates to lead the internal real estate group as global head of real estate. The successful candidate will report to Ziad Hindo, chief investment officer of the Ontario Teachers’.

Read: Cadillac Fairview names Julian Neave as director of London office