After 12 years building MFA’s U.S. business John Westerfield retires
In succession plan John Kessler becomes CEO
New York, NY – September 27, 2023 – Mitsui Fudosan America, Inc. (MFA) announced today that John Westerfield will retire as CEO, and in accordance with the company’s succession plan, John Kessler, Chief Operating Officer of MFA, will become CEO effective October 1, 2023. Mr. Westerfield, MFA’s CEO since 2015, will remain as Senior Advisor to the company through the end of this year.
“I am delighted to announce that John Kessler will succeed me as CEO of MFA. I have known John for over 30 years and have the utmost confidence in his leadership ability and investment skills. John is the right person to continue to grow MFA’s business, especially in these challenging times.”
Mr. Kessler joined MFA in April, 2023 as Chief Operating Officer. Prior to joining MFA, he held various positions including President and Chief Operating Officer of Empire State Realty Trust, Managing Director at Fortress Investment Group and Managing Director at Morgan Stanley Real Estate.
“I look forward to taking on the role of CEO of MFA and continuing our expansion. I would like to thank John for his leadership in growing MFA’s business over the last decade. Building on this growth is a core mission for all of MFA.”
Mr. Westerfield joined MFA as a Senior Advisor to the Board of Directors in 2011 and was appointed CEO in 2015. Under his leadership, MFA has become a far more significant component of parent company Mitsui Fudosan Co., Ltd.’s (8801.TYO) operations, generating approximately 20% of the company’s global operating income in 2022.
Takeyoshi Sugimoto, President of MFA, commented “On behalf of Mitsui Fudosan’s Board of Directors, I would like to thank John for the many contributions he has made to the growth of Mitsui Fudosan America over the last 12 years.”
Pursuant to Mitsui Fudosan Co.’s long-term vision, “Vision 2025”, growing its overseas operations is central to the company’s stated strategy of evolving into a global company in the near term. Mitsui Fudosan has thus far expanded its operations to the United States and the United Kingdom, as well as China, Southeast Asia, Australia, and India.
About Mitsui Fudosan
Mitsui Fudosan America, Inc. (MFA) is the US subsidiary of Japan's largest real estate company, Mitsui Fudosan Co., Ltd., a publicly-traded company with approximately $66 billion of assets. MFA is responsible for Mitsui Fudosan's real estate investment and development activities in North America, and is headquartered in New York, with branch offices in San Francisco, Los Angeles, and Honolulu. MFA has been active in the United States since the 1970s, and currently owns offices, apartment properties and hotels in the following metropolitan areas: New York, Boston, Washington, Nashville, Atlanta, South Florida, Dallas, Houston, Denver, Phoenix, Seattle, San Francisco, Los Angeles, San Diego, and Honolulu.
Montieth M. Illingworth