Leadership Changes at Pennrose: A New Era Begins

Pennrose's New Leadership Structure Unveiled

In a significant shift in leadership, Pennrose has appointed Timothy Henkel as its new Chief Executive Officer. This transition marks the culmination of a carefully planned succession strategy aimed at strengthening the future of this well-respected organization in the affordable housing sector.

Timothy Henkel Takes the Helm

Timothy Henkel, who previously served as President of Pennrose, now steps into the role of CEO. With over 25 years of dedication to the company, Henkel possesses an extensive understanding of the mixed-use and mixed-income housing landscape, positioning him well to lead the company into a promising new chapter.

A Legacy of Leadership

Under the previous leadership of Executive Chairman Richard K. Barnhart and former CEO Mark H. Dambly, Pennrose has forged a path of success in the real estate industry. Their four decades of commitment to affordable housing have established Pennrose as a formidable player in the market.

Real Estate and Affordable Housing Focus

Henkel will now oversee a dedicated team of over 520 employees and manage development and properties across multiple states and regions, including the Caribbean. His strategic vision is to enhance Pennrose’s reputation as a leading provider of quality housing solutions, ensuring a lasting impact on communities.

Commitment to Community Transformation

"Pennrose is well-positioned to continue its role as a significant producer of affordable housing," emphasised Henkel. His dedication to innovation and sound leadership will be crucial as the company faces the future challenges in real estate development.

Charlie Adams Appointed as President

With Henkel’s advancement, Charlie Adams has been named the new President of Pennrose. His record since joining the company in 2016 has been impressive, with particular success in expanding Pennrose's footprint in New England, which now encompasses over 1,250 units.

New Regional Leadership

Adams’ successor, Karmen Cheung, will now step into the role of New England Regional Vice President. She will focus on housing development efforts in the New England area, particularly in Connecticut, Massachusetts, and Rhode Island, advocating for high-quality housing solutions.

Building for the Future

The upcoming years promise to be an exciting time for Pennrose, as they prepare to execute several strategic initiatives designed to enhance their influence in the affordable housing market. The newly appointed leadership exemplifies years of experience, ensuring the organization remains robust and capable of handling future growth.

An Expanded Leadership Team

This new leadership team not only includes Henkel and Adams but also recognizes the roles played by Marsha Blunt and Margot Elton-Ratliff, who have recently taken on crucial leadership functions within the company. With a firm foundation built on team strength, the organization aims to continue its trajectory of growth and success.

Empowering Employees and Communities

Pennrose’s commitment is not only to its bottom line but also to its employees and the communities it serves. Henkel’s vision is to foster a culture that empowers staff while focusing on community transformation and providing homes that enhance residents' quality of life.

Frequently Asked Questions

1. What significant changes has Pennrose recently announced?

Pennrose has appointed Timothy Henkel as CEO and made several key leadership appointments as part of a strategic succession plan.

2. What is Timothy Henkel's background with Pennrose?

Timothy Henkel has over 25 years of experience with Pennrose, helping to shape its development pipeline and expand its affordable housing initiatives.

3. Who will oversee the New England region now?

Karmen Cheung has been named the New England Regional Vice President, succeeding Charlie Adams.

4. How long has Pennrose been operating?

Pennrose was founded in 1971 and has evolved into one of the largest mixed-use, mixed-income developers in the U.S.

5. What is Pennrose's mission?

Pennrose aims to deliver high-quality housing solutions and transform communities through innovative development and strategic partnerships.

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