WASHINGTON, DC-One of the Washington area’s stalwart REITs, Corporate Office Properties Trust (NYSE: OFC), has announced a succession plan to replace Randall Griffin, the company’s long-standing CEO, who is retiring in March 2012.
Roger A. Waesche, Jr., the REIT’s current president and COO, has been elected CEO and as a member of the Board of Trustees, effective April 1, 2012. Griffin will transition his responsibilities over the next six months to Waesche, while maintaining his responsibilities for fiscal year 2011, the company reports.
Taking over Waesche’s responsibilities will be Stephen E. Budorick, who is joining COPT as EVP and COO, reporting to Waesche. Budorick joins COPT from Callahan Capital Partners, where he served as EVP of asset management since 2006. COPT did not return a call from GlobeSt.com in time for publication.
As he readies to depart, Griffin points to the REIT’s focus on its government tenancy. “We have built one of the best performing office REITs in the industry, differentiated not only by our unique tenant niche, but also by our corporate culture of excellence, our outstanding customer service, and dedication to our communities,” he said in a prepared statement.
Korn/Ferry advised COPT in its search for a COO and ultimately placed Budorick. In general, more REITs and real estate companies are focusing on succession planning and leadership development, says Anthony J. LoPinto, global sector leader with the company.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
