Franco Named President of Vornado Realty Trust
Franco, 50, who has been with Vornado since 2011, was one of a number of what Vornado chairman and CEO Steven Roth termed as “important and even generational” changes in its senior management in his annual letter to shareholders in the company’s 8K filing with the SEC on Friday.
NEW YORK CITY—In a series of major executive leadership changes at the REIT, Michael J. Franco has been promoted to president of Vornado Realty Trust.
Franco, 50, who has been with Vornado since 2011, was one of a number of what Vornado chairman and CEO Steven Roth termed as “important and even generational” changes in its senior management in his annual letter to shareholders in the company’s 8K filing with the SEC on Friday.
Franco most recently serving as EVP-chief investment officer at Vornado where he has been the lead for acquisitions, dispositions and financings and has been involved in all the REIT’s important decisions and strategy. Prior to joining Vornado, he was managing director, head of MSREF US at Morgan Stanley.
David R. Greenbaum, age 67, was appointed vice chairman of Vornado. Greenbaum previously was president of Vornado’s New York Division. Vornado Realty reports Greenbaum has decided to cut back while continuing his leadership as vice chairman.
Vornado’s Board of Trustees intends to invite Greenbaum to join the company’s board this year, concurrent with adding an additional independent trustee. Greenbaum joined the company in 1997 as part of Vornado’s acquisition of the Mendik Co.
Glen J. Weiss, age 49, Vornado’s current EVP of office leasing, has been appointed to the additional position of co-head of real estate. Weiss has been with Vornado since the 1997 Mendik acquisition.
EVP of development Barry S. Langer, age 40, has been appointed to the additional position of co-head of real estate. Langer has been with Vornado since 2003.
Roth pointed out in his letter to shareholders that all of the appointments were made from within the company, which he stated was a measure of Vornado’s talent pool. The company currently employs 3,900 workers, including approximately 500 in management.
The firm has 11 executive vice presidents with an average tenure 19 years; 26 senior vice presidents with an average tenure 16 years and 65 vice presidents that maintain an average tenure of 13 years.