Jeffrey S.Olson

MIAMI—Equity One‘s CEO is moving on. Jeffrey S. Olson has decided not to renew his employment agreement with the shopping center owner, developer, and operator.

Olson offered a long heads up. He will continue serving as the company’s chief until the end of the year, when his contract expires. That means Olson still has more deals to ink, as he maintains responsibility for carrying out the strategic initiatives currently underway even as he works to pass the torch to his yet-unnamed successor.

“Jeff has led the company through a transformation which has dramatically strengthened the portfolio quality, diversified the asset base and improved the balance sheet,” says Equity chairman Chaim Katzman. “We have a deep and talented team that has successfully executed our strategic plan and will continue to serve as a strong foundation for the future.”

For his part, Olson says he’s grateful he had the opportunity to lead Equity over the past eight years. He explains how he took the time to consider his options and made a “difficult decision” not to renew his employment contract. Instead, he’ll pursue “another business opportunity” that he did not reveal.

“Equity One has a clear set of strategic priorities, an engaged board of directors and an experienced management team that will excel in the years ahead,” Olson says. “I am committed to working with the board and my successor to ensure a smooth transition, and remain confident that Equity One has a bright future.”

Equity’s board of directors has formed a search committee, led by Katzman, to identify the company’s next CEO. The firm will consider both internal and external candidates.

“The board is committed to an orderly leadership transition, and we are pleased that Jeff has agreed to stay on as CEO to assist in that process,” Katzman says. “On behalf of the board, I want to thank Jeff for his many contributions and wish him well in his future endeavors.”