04:19 PM EDT, 03/28/2024 (MT Newswires) -- Killam Apartment Real Estate Investment Trust (KMP-UN.TO) on Thursday said board chair Bob Kay will retire from the position after the REIT's May 8 annual meeting.

Kay will be replaced by James Lawley,, "a long serving Board member with over 40 years of experience in the multi-residential real estate sector" as chair.

"Over the last three to four years, Killam has been in the process of Board renewal where original Board members have been retiring, and new, diverse Board members have been joining Killam . Mr. Lawley, at the pinnacle of his illustrious real estate career and with his extensive institutional knowledge of Killam , will continue to lead Board succession and renewal, positioning Killam's Board for ongoing success," chief executive Philip Fraser said in a release.

Killam units closed down C$0.02 to C$18.58 on the Toronto Stock Exchange.