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Empire State Realty Trust (ESRT) has announced the promotion of two key executives: Christina Chiu to President and Stephen Horn to CFO. Chiu, previously the Chief Financial Officer and Chief Operating Officer, will succeed Anthony Malkin as President. Malkin will continue as Chairman and CEO. Meanwhile, Stephen Horn, the Chief Accounting Officer, will assume the role of CFO while retaining his current title. These changes are effective immediately.

Malkin praised Chiu's leadership, stating that she has been instrumental in various financial initiatives and partnerships. He also mentioned the dissolution of the COO role for the time being.

Chiu, who joined ESRT in April 2020 after a long tenure at Morgan Stanley, expressed that her new role as President won't significantly alter her responsibilities but will allow her to focus on other aspects of the REIT.

Horn, who joined ESRT in December 2020 after a successful career at Ernst & Young, has been entrusted with the CFO position due to his expertise in financial matters.

These promotions come amidst a series of executive changes in the real estate industry, but Malkin affirmed that the core executive team remains intact, with Thomas Durels continuing to oversee the commercial side of the business.

Overall, these promotions reflect ESRT's commitment to strategic leadership and operational excellence as they navigate the challenges and opportunities in the real estate market.

Original article posted on February 20, 2024