Scottsdale’s Store Capital Corp. promotes COO to CEO
Store Capital Corp., one of Arizona’s traditionally more profitable companies, has announced a CEO transition, with Christopher Volk to be replaced by Mary Fedewa, the company’s president and chief operating officer.
The Scottsdale-based owner of single-tenant real estate said Fedewa, 55, will succeed Volk, 64, effective Thursday, with Volk becoming executive chair of the company’s board. Both were cofounders of Store Capital, a REIT, or real estate investment company, a decade ago.
Fedewa joins a small but growing list of larger Arizona public corporations headed by female CEOs that includes Sheryl Palmer at Taylor Morrison Home and Julia Laulis at Cable One.
Store’s portfolio consists of more than 2,600 properties across the U.S. including fast-food restaurants, health clubs, automotive-repair shops, childhood education centers and manufacturing businesses.
Other board changes at Store include Morton Fleischer transitioning to chair emeritus and Catherine Rice becoming lead independent director.
“Mary’s contribution to building one of the best teams in the industry has been enormous,” Volk said in a prepared statement. “She initially formed and led our acquisitions group, which is a distinct competitive advantage, and then went on to assume additional responsibility for our servicing, underwriting, portfolio management, information technology and real estate closing areas.”
Fleischer, a veteran Valley real estate executive who has worked with Volk for more than 30 years, including at predecessor companies, praised Volk for his vision, leadership and many contributions to Store.
Fedewa was named chief operating officer in 2017 and president last September.
Store logged a profit of $213 million and cash flow exceeding $450 million on revenue of $694 million in 2020, despite a highly challenging environment for commercial real estate. The company’s property-occupancy rate is above 99%.