The smaller, "more manageable and efficient" board will consist of nine members, all but two who would qualify as independent under New York Stock Exchange guidelines, according to the company.
While Moody is resigning to pursue other commercial real estate opportunities, Speiker is doing likewise after the May shareholder's meeting. Speiker joined the board when he brought his 25-million-sf West Coast office portfolio to the table in the $7.2-billion merger with Equity Office Properties in 2001.
Speiker adds he is not selling his entire stake in the company, but notes his future business dealings may create potential conflicts of interest. Moody, who becomes president and chief executive officer of HRO Asset Management in April, has similar concerns. His new company will be working with Commerzbank's real estate arm.
"This activity may present the potential for conflicts of interest with Equity Office," Moody notes.
Reinsdorf, who owns the Chicago White Sox and struggling Chicago Bulls, wants to concentrate on operating those teams. He has been on Equity Office Properties' board since the company went public in 1997.
"I've simply decided to cut back on the number of commitments I have, so I can devote more time to the White Sox and Bulls," Reinsdorf says.
Wilson is a one-termer who also serves on Presidio Trust's board, a job that apparently is more time-consuming than serving on Sam Zell's board. "I have enjoyed my tenure with EOP, and believe the new management team puts the company in very good hands," he says.
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