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Whitestone REIT Ousts CEO For Cause, Promotes CFO

Transwestern Senior Vice President Crystal Allen and then-Whitestone REIT CEO Jim Mastandrea at Bisnow's Houston Multifamily and Mixed-Use Conference in 2017.

James Mastandrea is out as CEO at Houston-based Whitestone REIT after the company says it fired him with cause.

Mastandrea was fired after an internal investigation due to a violation of an employment agreement and conduct that didn't meet company standards or responsibilities of the CEO, the company said. Whitestone didn't expand on the cause but stated in a release that it wasn't related to Whitestone financials or operating performance. He had been CEO since 2006.

Chief Financial Officer David K. Holeman was appointed CEO on Jan. 18.

“The Board’s decision to terminate Mr. Mastandrea’s employment is consistent with the highest standards of corporate governance,” Chairman David Taylor said in the release.

Mastandrea will be paid accrued and unpaid annual base compensation and will be paid out for his other benefits. He will continue to be trustee at Whitestone. According to Securities and Exchange Commission filings, Mastandrea's 2020 annual base salary was $600K, and his overall compensation totaled more than $3M.

Whitestone hasn't announced compensation for Holeman, who has been CFO since 2006, in his new role. Scott Hogan, controller at Whitestone, has been made CFO. His compensation also hasn't been released.

Mastandrea's ouster marks the second C-suite reshuffle at a major Houston real estate company in as many weeks. The Howard Hughes Corp. announced that Carlos A. Olea would take over as CFO on Jan. 12, according to filings with the SEC. Correne S. Loeffler was terminated as CFO on Jan. 10 after holding the position since April 2021, less than one year.