John Garilli
About John Garilli
Interim Chief Financial Officer of Seritage Growth Properties since January 14, 2022; age 60 in 2025; MBA (Babson College) and BA (College of the Holy Cross). He serves via Winthrop Capital Advisors, not as a direct employee, bringing prior CFO/CAO experience at Winthrop Realty Trust and CEO/CFO roles at New York REIT and liquidation leadership at Luby’s Inc. Company performance during his tenure shows cumulative TSR of $31 (FY2024), $70 (FY2023), and $89 (FY2022), with net losses of $(153.5) million (FY2024), $(154.9) million (FY2023), and $(120.1) million (FY2022).
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Winthrop Realty Trust (NYSE: WRT) | Chief Accounting Officer; CFO | CAO 2006–2012; CFO 2012–2016 | Senior finance leadership for NYSE-listed REIT, enhanced reporting and capital markets readiness |
| New York REIT, Inc. / New York REIT Liquidating LLC | CFO; CEO; President; Treasurer; Secretary | CFO 2017; CEO 2018; Liquidating LLC since 2018 | Led transition to liquidation structure and wind-down execution |
| Luby’s, Inc. / LUB Liquidating Trust | Interim President & CEO; Trustee | Jan 2021–May 2022; Trustee since May 2022 | Oversaw operational wind-down and trust governance |
| Winthrop Capital Advisors, LLC | President & COO | Since 1995 | Long-standing leadership at real estate investment/management platform |
External Roles
| Organization | Role | Years |
|---|---|---|
| Winthrop Capital Advisors, LLC | President & COO | Since 1995 |
| LUB Liquidating Trust | Trustee | Since May 2022 |
Fixed Compensation
Garilli is provided to SRG through Winthrop Capital Advisors under a services agreement; SRG pays Winthrop a monthly fee plus certain reimbursements. He does not receive direct SRG salary/bonus as an employee.
| Period | Arrangement | Amount/Terms |
|---|---|---|
| Effective Jan 2022 | Winthrop services agreement (includes Garilli’s services) | $62,500 per month to Winthrop (plus reimbursements for certain Winthrop employees, excluding Garilli) |
| FY2024 (expected) | Winthrop services agreement | $108,333 per month to Winthrop (plus reimbursements for certain Winthrop employees, excluding Garilli) |
| FY2025 (expected) | Winthrop services agreement | $108,333 per month to Winthrop (plus reimbursements for certain Winthrop employees, excluding Garilli) |
Note: SRG’s compensation disclosures explicitly exclude Garilli from the named executive officer program because he serves via the Winthrop consulting arrangement.
Performance Compensation
No SRG performance-based compensation (annual bonus, RSUs/PSUs, cash LTI) is disclosed for Garilli; he is not a participant in SRG’s NEO compensation programs.
Equity Ownership & Alignment
SRG’s policy prohibits trustees and executive officers from hedging or pledging Company securities. Garilli has no beneficial ownership disclosed in SRG shares and therefore no vesting/unvesting exposure or insider selling pressure; no pledging permitted.
| Metric | FY2024 | FY2025 |
|---|---|---|
| Beneficial ownership (Class A shares) | None disclosed | None disclosed |
| Ownership % of Class A | Not applicable (no holdings) | Not applicable (no holdings) |
| Shares pledged as collateral | Prohibited by policy | Prohibited by policy |
Employment Terms
| Item | Details |
|---|---|
| Appointment date | Appointed Interim CFO effective January 14, 2022 |
| Engagement structure | Services provided via Winthrop Capital Advisors under a services agreement; SRG pays monthly fee to Winthrop and reimburses certain Winthrop employee costs (excluding Garilli and other Winthrop executives) |
| Contract term | Ongoing services agreement; no SRG employment contract, severance, or change-in-control provisions disclosed for Garilli |
| Non-compete / non-solicit | Not disclosed for Garilli (SRG’s insider trading and governance policies apply generally) |
Performance & Track Record
- SRG’s Plan of Sale execution and financing actions were led by management during 2023 (e.g., $839.4 million gross proceeds from dispositions; $670 million term loan prepayment and extension to 2025), reflecting wind-down discipline consistent with Garilli’s prior liquidation experience.
- Pay-versus-performance disclosures show cumulative TSR of $31 (FY2024), $70 (FY2023), $89 (FY2022) and net losses of $(153.5) million, $(154.9) million, $(120.1) million, providing contextual performance data during his tenure.
Related-Party Transactions
SRG’s Audit Committee reviews and approves related-party transactions. SRG’s relationship with Winthrop (providing Garilli’s services and broader property management/accounting support) is disclosed and includes the monthly fee structure and reimbursements; Winthrop is considered a related party.
Investment Implications
- Alignment: No direct SRG equity ownership or participation in SRG’s NEO cash LTI/bonus programs reduces personal alignment to share price; hedging/pledging prohibitions help mitigate misalignment risk.
- Retention risk: Engagement via Winthrop lowers typical severance/retention constructs; continuity hinges on maintaining the services agreement rather than individual employment contracts.
- Governance/optics: The related-party services arrangement with Winthrop requires continued robust Audit Committee oversight to ensure arm’s-length economics and avoid conflicts; disclosures and monthly fee terms are transparent.
- Execution capability: Garilli’s liquidation and REIT finance background (NYRT, Winthrop, Luby’s) is well-suited to SRG’s Plan of Sale, supporting operational wind-down and financial rigor; however, lack of equity skin-in-the-game may temper incentives tied to TSR.
Appendix: Company Performance Context
| Metric | FY2022 | FY2023 | FY2024 |
|---|---|---|---|
| Cumulative TSR (Initial $100) | $89 | $70 | $31 |
| Net Income (Loss) ($ thousands) | $(120,097) | $(154,911) | $(153,536) |