From: Risk Management Magazine
Theresa Severson was already a 30-year veteran of the risk profession when her prior company was acquired by Kite Realty Group (KRG), one of the largest publicly traded owners and operators of open-air shopping centers and mixed-use properties. Much depended on her leadership to ensure a smooth transition. Undaunted, she rose to the challenge and her deep risk management expertise led to personal and enterprise-wide success, earning her the title of 2023 Risk Manager of the Year.
Excitement and apprehension followed KRG’s $7.5 billion acquisition of Retail Properties of America (RPAI) in October 2021, as the transaction offcurred while much of the world cautiously operated against the backdrop of the COVID-19 pandemic and tumultuous economic conditions.
Severson had served as RPAI’s vice president of insurance and risk for 12 years. She was asked to continue at KRG, which at the time, owned interests in 185 open-air shopping centers and mixed-use assets in the United States, comprising more than 30 million square feet of gross leasable space.
“You are always excited when you are provided with a new opportunity,” Severson said. “I also needed to make sure KRG would embrace what a successful risk management program needs, which is the engagement and the support of the C-suite.”