Cafaro brothers set to assume role as co-presidents

The new leaders of the Cafaro Co. plan to continue the long-standing policy of slow, steady growth.

STAFF REPORT

YOUNGSTOWN — Cafaro brothers William A. and Anthony Jr., sons of Anthony Sr., will officially take over day-to-day operation of the Cafaro Co. as co-presidents, effective Friday.

William A. and Anthony Jr., now vice presidents, will succeed their father, who is president.

John J. Cafaro, Anthony Sr.’s brother and vice president, is also retiring Friday.

“We are proud of the hard work William and Anthony Jr. have put in to prepare for their new roles. They’ve learned the business from the ground up. In reality, they have been managing the day-to-day operations of the company for the past few years,” Anthony Sr. said.

William and Anthony Jr. began learning the family business at age 12, working as part-time helpers on the maintenance crew, painting curbs, sweeping parking lots and scrubbing toilets at the Eastwood Mall Complex in Niles. They continued their training through high school and college, working during the summers to learn such functions as building maintenance, mall operations, financial procedures and real-estate leasing.

After graduating summa cum laude from Youngstown State University, William went on to earn his master’s in business administration at Duquesne University’s Donahue Graduate School of Business. He joined the corporate staff in 1994, working in the real-estate and accounting departments. He currently oversees the company’s accounting, credit and collections, finance, investment, marketing, mall operations, tax and valuation functions.

He said he believes in following the solid strategy established by his grandfather, William M. Cafaro, and great uncle, John A. Cafaro, who founded the company in 1949.

“We’ve always been a conservative company from a development and financing point of view. We plan to adhere to our policy of slow, steady growth. I want to continue doing what we have done in the past so that eventually I can pass the reins to my three children,” said William, 40.

Anthony Jr., 34, joined the company full time in 1997 after graduating cum laude from John Carroll University’s Boler School of Business. He joined the real-estate department as a leasing agent and eventually assumed the role of supervising the company’s specialty and seasonal leasing programs. He oversees the company’s leasing, development, construction and information technology functions.

Anthony Jr. said he and his brother “cherish the legacy passed down to us by our father and grandfather. We believe that personal integrity is paramount and that our handshake and word is as good as any written contract.”

The Cafaro Co. is one of the nation’s largest privately held owner, developer and operator of regional shopping malls and other retail centers. Its portfolio includes 50 properties in 11 states, totaling some 30 million square feet of real estate.

alcorn@vindy.com