Bedrock gets new CEO from Gilbert's casino business
The chairman of Detroit development company Bedrock, Jim Ketai, is stepping down, the company announced.
Ketai is stepping down to "pursue other opportunities," according to a news release from the company. In 2011, Quicken Loans Chairman Gilbert founded Bedrock with Ketai, a childhood friend. His departure follows that of Dan Mullen, executive vice president of business development for Bedrock, on June 7.
The move comes as executives move from Gilbert's shrinking casino business.
JACK Entertainment CEO Matt Cullen will join Bedrock as CEO starting Sept. 1. The move is another indication of Gilbert's desire to exit the casino and racino business.
Bedrock's acting CEO, Bill Emerson, will assist with the transition and continue as vice chairman of Quicken Loans and Rock Holdings, the umbrella company for Gilbert's many businesses.
“Jim’s expertise laid the groundwork for Bedrock,” said Emerson. “He passionately led the team as we acquired property after property, built ground-up developments, renovated historic buildings and changed the entire conversation around what Detroit is and what it will become. We are grateful for all Jim has done and we wish him the best in his future endeavors.”
Mark Dunkeson also is joining Bedrock as president and chief operating officer, but will stay with JACK as its CEO and a member of the board of directors. Cullen also will continue as JACK's chairman of the board.
The departures follow the close of JACK's $1 billion sale of the Greektown Casino-Hotel to Penn National Gaming Corp. and New York real estate firm VICI Properties Inc. in May. JACK in April also reached a deal with Hard Rock International to sell a Cincinnati casino and a horse track in Kentucky.
Cullen will oversee more than 600 Bedrock employees who are working on some of the city's largest development projects, including the skyscraper rising at the former site of Hudson's department store along Woodward Avenue and the mixed-use Monroe Blocks development.
“With transformational developments currently underway throughout the city, and more big projects on the horizon," Cullen said in a statement, "Bedrock will continue to be an engine for Detroit’s resurgence, and I am excited about being a part of that.”
Prior to JACK, Cullen was general manager of economic development and enterprise services at General Motor Co., stewarding 450 million square feet of real estate around the globe and leading the $500 million acquisition and updating of its headquarters, the Renaissance Center. He also is the chairman of the Detroit Riverfront Conservancy, overseeing the billion-dollar redevelopment of the Detroit River's boardwalk.
Also joining Bedrock from JACK are:
- Glen Tomaszewski as chief financial officer
- Dan Reinhard as general counsel
- Alyse Martinelli as chief people officer
- Mark Miller as chief strategy officer