Industry observers had believed Dupree would succeed Thomas G. Cousins, the company's 69-year-old founder, chairman and CEO. DuPree joined the REIT in 1992 when Cousins acquired New Market Development where DuPree was chairman.
He was president of Cousins' retail division until 1995 when he was named president and COO. During his tenure as president, the REIT achieved a 21% annualized total return for shareholders, according to the news release.
Cousins Stone in Dallas was formed in mid-1999 when Cousins acquired Faison's interest in Faison-Stone. Stone was appointed to the Cousins Properties board of directors last month.
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