Barker, who has been with the Irvine Co. for 20 years, says he wants to move out of his current position in order to devote more time to a variety of personal interests. He will help to guide the management transition of the investment properties group over the next six months in an arrangement that Barker and Bren began working on some months ago.

Barker will also join Bren and vice chairman Michael McKee on the company's operations committee, which oversees all of the Irvine Co.'s business units. In addition, he will continue to oversee the company's resort division, where he will work on major projects including the completion of the Resort at Pelican Hill.

Along with Gilchrist's move up to Barker's former position, EVP Val Wheeler will move into Gilchrist's role. Wheeler has been serving as VP of asset management for the office properties group.

Barker has been at the helm of the investment properties group during some of the most significant investments in the company's recent history, Bren noted in a memo to employees. As president of the investment properties group, he has been responsible for the office, retail, apartment and resort divisions.

Barker says that he wants to pursue "some long-held dreams," including the building of a second home in California's wine country, catching up on some long-postponed reading, traveling and other pursuits. He will be leaving an investment properties group that has holdings major California markets that include approximately 400 office buildings, 40 retail centers, 80 apartment properties, two hotels, five marinas and three golf clubs.