A major local company has laid off several local workers and moved its management team from Minot to Minneapolis.
Investors Real Estate Trust, or IRET, will no longer have its top management in North Dakota.
As part of the change made this week, several people were fired, and 36-year IRET veteran and CEO Tim Mihalick announced his retirement.
Mihalick says despite the changes, IRET will maintain a presence in Minot.
“We’ll continue to have operation – corporate accounting stays here, the property management accounting department stays here, HR stays here. So we continue to have a presence here in Minot and again, Minot is the home of this company and I fully expect as we move forward we’ll continue to have a presence here.” said Tim Mihalick, IRET Former CEO.
Mihalick says the new CEO, Mark Decker, was hired in recent years and is a good choice to lead the company under its new focus on multi-family housing.
“He knew our company very well. Brought him in with the anticipation that he would take over for me and actually as this has played out, it’s happening sooner than I think anybody anticipated but it was the right time. I’m excited about Mark and the team he’s putting in place that will be located in Minneapolis to move the future of IRET forward.” said Tim Mihalick, IRET Former CEO.
IRET is publilcly traded on the New York Stock Exchange and manages 130 properties aroung the Midwest.
It estimates a savings of $3.5 – $4 million with the changes.