SITE Centers Announces Spin-Off and Board Restructuring

SITE Centers ( (SITC) ) has issued an announcement.

SITE Centers Corp. is set to spin off a selection of its convenience retail properties into a newly formed company, Curbline Properties Corp., by October 1, 2024. In preparation, the Company’s Board has been restructured, reducing from eight to five members and appointing three new directors who will serve until the 2025 Annual Meeting of Shareholders. The outgoing directors’ resignations were amicable, with no disagreements cited. A revised compensation plan for non-employee directors will be introduced post-Spin Off, detailing annual retainers, meeting fees, and restricted share units that vest over three years.

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