ESCONDIDO, CA—Realty Income Corporation, has appointed Sumit Roy as chief operating officer effective October 1. Roy will continue to maintain his responsibilities as chief investment officer.
Gary Malino will step down as president and chief operating officer effective October 1. Malino, who has been president and COO since 2001, will serve as a consultant to the company until January 31, 2015, assisting with the transition process. John Case, chief executive officer and director, will re-assume the title of president.
Commenting on the change in management, Case stated, "Sumit has continued to play a broad role within the organization and has positively impacted our company during its most notable growth phase. I have had the pleasure of working with Sumit in a variety of professional settings for much of the last decade. His outstanding management ability and innovative approach will continue to benefit our company. The expansion of his responsibilities is well-deserved and I am looking forward to working with him in his additional capacity as COO.
"It's been a pleasure working with Gary and I am thankful for his many significant contributions to the company over his 29-year tenure. Gary has effectively served in a variety of leadership roles during a period in which our total enterprise value grew from approximately $300 million to $15 billion. Realty Income is a better company today as a result of Gary's loyal service."
Realty Income is a New York Stock Exchange real estate company dedicated to providing shareholders with dependable monthly income. As of August 31, 2014, the company had paid 529 consecutive monthly dividends throughout its 45-year operating history.