MIAMI—Equity One has seen some shakeup in its executive ranks lately. And it's not over yet.

The shopping center owner, developer and operator just announced plans to streamline its organizational structure to drive efficiencies and faster decision making and lower operating costs. Practically speaking that means all leasing and property management functions will report to the new COO, Michael Makinen. We'll get to what else it means in a minute.

Makinen comes to Equity from Olshan Properties, where he also served as COO. Olshan was formerly known as Mall Properties, and is a privately-owned real estate company with a portfolio of over 16 million square feet of retail, residential, and office properties.

“The organizational changes we announced today reflect our commitment to optimizing our operating structure based on the results of our capital recycling program and our strategy to own fewer but more dominant urban assets in our target markets,” says David Lukes, CEO of Equity. “We are grateful for the leadership and execution provided by our regional teams during the past several years but believe a centralized and streamlined operating structure will facilitate more timely decision making in a more agile and efficient manner.”

At Olshan, Makinen oversaw operations, marketing, and asset management. During his four-year tenure he improved leasing efficiencies. Prior to his work with Olshan, Makinen served as head of real estate and development with several major retailers.

Makinen will report to Equity president Tom Caputo, who has extended his contract with the company through Dec. 31, 2016. Caputo will continue to oversee acquisitions, dispositions, and the joint venture investment platform.

Equity's transition to the new centralized operating structure during the next two months elimination 14 existing positions, including three regional presidents. The firm may add a new senior vice president of leasing and three new leasing positions focused on marketing and leasing its current vacancies in southeast and Florida portfolios. Equity expects the changes to generate net annual expense savings of about $2 million a year, excluding one-time costs associated with the transition.

“It was a difficult decision to reorganize, but I am pleased that we are able to welcome Mike Makinen to Equity One who will benefit from Tom's continued leadership and experience,” Lukes says. “I have known Mike for more than 10 years and have confidence that his operational skill set will be a tremendous asset for Equity One.”

In March, Equity One announced Jeffrey S. Olson was stepping down as CEO. Less than a month later, the firm named a replacement. David Lukes, 44, was to join the company executive vice president no later than May 31, 2014. However, that timeline as pushed up and he is now in the chief's seat.

Most recently, Lukes served as president and CEO of Sears Holdings Corporation affiliate Seritage Realty Trust. His past experience includes serving from 2010 to 2012 as the president and CEO of Mall Properties, a privately owned real estate firm based in New York.