CALGARY – Genesis Land Development Corp. (TSX:GDC) has parted ways with Gobi Singh, who has resigned as president, chief executive and director of the Calgary-based company.
Singh’s departure is effective immediately, Genesis said in a statement that briefly thanked him but gave no reason for his resignation.
It said his duties will be assumed by senior officers of the company, including chief operating officer Jeff Blair and Simon Fletcher, the chief financial officer.
Get weekly money news
Genesis said it intends to appoint Blair as interim CEO.
The company’s board of directors may re-evaluate the role of chief executive during a review of strategic alternatives that was announced in June, Genesis said in a statement.
- Meta data centre in Alberta to start up ahead of adjacent Greenlight power plant
- Meta to build $13 billion data centre in Alberta, largest outside the U.S.
- Mom-and-pop landlords outpacing big real estate investors: StatCan data
- Alberta proposes new pipeline, but hurdles to construction, profitability remain
Earlier in the year, Genesis had agreed to a conditional takeover offer by Jupiter Acquisition but the deal was called off on June 7.
Genesis Land Development has an inventory of over 17,500 lots and units and a 535-acre commercial and industrial land reserve, mostly in the Calgary metropolitan area.
Trading of Genesis stock was halted a few minutes before the announcement. The shares last traded at $3.15, up five cents, on the Toronto Stock Exchange.
Comments
Want to discuss? Please read our Commenting Policy first.