The company doubled its size in 2003, most recently merging with Crown American Realty Trust, which added 26 malls to its portfolio, expanding to 33.4 million sf. At the same time, PREIT shed non-retail assets such as office and multifamily properties to sharpen its focus.
"The creation of the office of the chairman will also facilitate company policy and succession planning," says Ronald Rubin. "We are confident the company has taken the necessary steps to enhance long-term success and look forward to a seamless transition as we complete the company's integration of recently acquired assets."
Coradino will continue to oversee management and leasing of the retail portfolio, Glickman will be responsible for the daily operations of the company, the younger Rubin responsible for property development and acquisition while Weller will focus on long-term corporate strategy. All of the members of the new five-man chairman team are at least 15 years the elder Rubin's junior.
The company also is interviewing candidates to fill Glickman's CFO role.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.