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Brothers at helm of Cafaro to retire
The sons of Anthony Sr. will assume leadership posts of one of the nation’s largest shopping-center developers.
YOUNGSTOWN — Leadership of the Cafaro Co., which built the Eastwood Mall in Niles, will change at the end of the year, but it will remain in the family.
The company said Monday that Cafaro brothers, Anthony M. Sr., 63, and John J. “Jay,” 58, will retire from the day-to-day operations effective Thursday.
Anthony Sr.’s sons, Anthony Jr., 34, and William A., 40, will take over the top positions of the largest privately owned shopping-center development and management company in the country.
The Cafaros declined requests for interviews, said Joe Bell, director of corporate communications. However, the departing Cafaros commented in a news release announcing their retirements.
“My retirement and that of my brother, Jay, are part of an ongoing transition process that the company commenced several years ago.” said Anthony M. Sr., president and chief executive officer of the 60-year-old business.
“This is an example of succession planning at its very best.” said John J., executive vice president.
“Will [William] and Anthony Jr. are ready to take over and, if called upon, we stand ready to assist them in order to maintain the stability and viability of The Cafaro Company,” he said.
“We very much revere and value longevity and continuity of personnel within our organization. Based upon the ever increasing responsibilities that William A. and Anthony Jr. have assumed over the past decade or so, Jay and I can retire without the company missing a beat,” Anthony Sr. said.
Although they will be leaving their full-time positions with The Cafaro Company, Anthony Sr. and John J. will continue to be available for consultation and special projects. Also, they will maintain office space within the Cafaro Building at 2445 Belmont Ave. until they transition out of their current projects, Bell said.
The succession process is not new at the company. Anthony Sr. and John J. began their careers as part-time employees while attending Ursuline High School and Youngstown State University.
Anthony Sr. worked on the maintenance staff, in the field as a construction laborer and then as a surveyor’s assistant. He later made the transition to the corporate office as an engineering draftsman and then purchasing agent.
Anthony Sr.’s full-time employment with the company began in 1968 as a leasing agent in the Real Estate Department, where he later became director of leasing. He was appointed president and CEO in 1984, the position he will hold for three more days.
The employment history of John J. followed a similar path, starting in maintenance.
Becoming full-time in 1974, he was assistant construction superintendent at several of the company’s mall projects, including Tallahassee Mall in Tallahassee, Fla., and Beaver Valley Mall in Center Township, Pa. Although John’s duties have included a variety of areas, his primary focus has been on acquisition, leasing and development issues. He was appointed a vice president in the late 1970s.
John Cafaro ran into legal problems in 2001 and 2002 when he pleaded guilty to a one-count conspiracy to commit bribery of then-U.S. Rep. James Traficant. John Cafaro testified against Traficant in the senator’s bribery and conspiracy trial, saying he (Cafaro) lied when he said he didn’t provide cash to Phil Chance when he ran for Mahoning County sheriff in 1996. Cafaro also said he gave $13,000 to Traficant in 1998, an amount Traficant had sought for half the purchase of his boat. For his actions, John Cafaro received 15 months probation and was fined $150,000, according to Vindicator records.
Anthony Jr., 34, of Liberty, and William A., 40, of Vienna, began learning the business at an early age, Bell said, noting on their 12th birthdays, one of their gifts was a part-time job with the family business. The goal was to learn the business from the ground up, Bell said.
They have been functioning managers for the past 15 years and are vice presidents, Bell said.
William will oversee investments and finance and marketing and Anthony Jr. leasing, information technology, project development and construction. Their new titles will be announced before the end of the year, Bell said.
The Cafaro Co. was founded in 1949 by brothers William A. Sr. and John Cafaro, when they began developing grocery stores for Kroger and later moved on to developing shopping centers.
In 1965, they opened their first regional mall property, and in 1969 opened the Eastwood Mall in Niles. In the 1980s, Cafaro Co. developed centers in the Pacific Northwest for Target Corp.
The 3-million-square-foot Eastwood Mall complex, which includes the Great East Plaza, North Commons, Howland Plaza and Eastwood Field, is considered the largest mall complex in the country, Bell said.
The Cafaro Co. has about 50 shopping centers around the country, including 12 enclosed malls, and owns most of the properties it has built, Bell said.
Commercial Property News, a trade publication, ranks the company as the 30th-largest real estate developer in the nation.
Though Anthony Jr. would not comment for this story, in 2008 he discussed the family philosophy with The Vindicator.
“My goal, my mission and my brother’s mission — directed by my father, who was directed by my grandfather — is to steady the ship, keep heading in the right direction and not take any unnecessary risks.
alcorn@vindy.com