At the same time, Wall Street is speculating that Douglas Crocker, 63, who has resigned from the board of Chicago-based Equity Residential, is Williams' choice for president and CEO of Post if Williams is victorious at the annual shareholders meeting. Crocker, formerly CEO of EQR, would replace David P. Stockert, the company's president/CEO who was Williams' former choice for the job.
The Crocker speculation, however, is dulled by the one-year, non-compete contract he has with Equity, the Illinois REIT confirms in the report. That means the Post CEO position would be vacant for a year until Crocker's non-compete contract expires. Williams, presumably, would fill in the breach, according to local speculation.
Atlanta is Post's largest apartment development market and the second largest market for Equity. Perennial speculation has involved Equity buying Post.
Williams confirms he has been interviewing national candidates for the president/CEO position, according to the report. He resigned July 1, 2002 after being forced out in February of that year in a management-policy fight with other directors.
Three weeks ago, Williams said George R. Puskar, former CEO of Equitable Real Estate and now part of Atlanta-based Lend Lease Real Estate Investments, would be his choice for chairman of Post if he wins the proxy fight. Williams would step in as president and CEO, he said at the time.
His other choices for new directors are Paul J. Dolinoy, senior vice president, Lend Lease Real Estate Investments; former Gov. Roy E. Barnes; Thomas J. A. Lavin, an independent real estate adviser and former head of real estate investment banking at Smith Barney and First Boston; and Jansen Noyes III, senior vice president, Emigrant Savings Bank.
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