NEW YORK, Oct. 14, 2016 /PRNewswire/ -- Merchants' National Properties, Inc. (OTC-US: MNPP), a leading developer and manager of retail and commercial properties, announced that Claude Chandonnet will resign in early November as Chief Executive Officer of the company as well as its wholly-owned subsidiary Marx Realty & Improvement Co., Inc. to pursue other opportunities. Mr. Chandonnet has been Chief Executive of MNP since 2007 and has helped oversee the redevelopment and expansion of many assets within MNP's portfolio, including the major redevelopment of Cross County Shopping Center in Yonkers, NY.
MNP's Chairman, Jamie Better, stated, "We are grateful to Claude for his years of service to Merchants' and wish him great success in his future endeavors." A search for Mr. Chandonnet's successor will be led by the Board. In the interim, the company will be led by the Office of the Chairman composed of Jagdish Shah, the company's Chief Financial Officer, Mr. Better and John Usdan, an MNP Board member and President/Chief Executive Officer of Midwood Investment and Development of New York City.
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SOURCE Merchants’ National Properties, Inc.