Kevric Real Estate Corporation has revamped its executive team and corporate structure as founder Richard Hylands steps away from leading the company’s day-to-day activities.

He has assumed the role of board co-chair with long-time business partner François Desjeans serving as the other co-chair. Desjeans previously served as the Montreal-based firm’s executive vice-president and head of investments and asset management.

“Since joining Kevric, [Desjeans] has been at the heart of the projects for which the company has become known, and he will continue to support and advise the management team, particularly in terms of new investments,” said Richard Hylands. “We will continue our partnerships in existing projects together.”

Sébastien Hylands has been promoted to president from his former post as vice-president of development.

“I have been thinking for some time about the future of the company, which I founded almost 30 years ago and about handing over the reins to Sébastien Hylands and my moving into a more strategic role,” said Richard Hylands in a news release.

“I plan now to focus on making new investments, while remaining involved in existing projects and partnerships.”

Two new complementary entities have been created: Kevric Investments and Kevric Property Management. Kevric said the new structure will allow the company to develop flexible and strategic activities and expand its mandates beyond traditional real estate projects.

All property management activities have been transferred to Kevric Management. The new property management arm may take the company along a “new avenue” by partnering with third parties. All Kevric employees will retain their positions and be transferred to one of the two new entities, said Richard Hylands.

In another senior leadership move, Luigi Cecere has assumed the role of CFO after serving as an executive vice-president and COO. He has also been appointed as COO for Kevric Management.

In addition, he will serve as interim general manager of Place Bonaventure in Montreal.

Meanwhile, Richard Hylands is looking to give financial stakes in various projects to more members of the firm’s investments team. Thus far, financial stakes have been granted to Ghassan Kotait, senior vice-president of construction; Stéphanie Williams; vice-president of leasing, and Benjamin Raynauld, senior director of investments.

“I believe that the upcoming changes will enhance our positioning, thereby allowing us to develop exceptional new projects, here and elsewhere in the country,” said Richard Hylands.