To make room for these changes, Weston M. Andress resigned as president, CFO and board member effective December 30, 2008. Andress will remain with the company during the next year as a consultant. According to a press release from the company, net income or FFO per share for 2008 shouldn't be impacted as a result of the management changes.
"The Board of Trustees felt it would be in the best interest of our shareholders for me to take a more active role in the day-to-day operations of the Company as we navigate the current economic environment," Lowder commented in a prepared statement. "We appreciate Weston for his significant contributions and dedication to our growth during the last five years and wish him well." A call to Colonial Properties seeking further comment was not returned as of deadline.
During its Q3 2008 conference call, the Birmingham, AL REIT's executive staff said it would cut dividends, development and staff, to protect liquidity, operations and the balance sheet. The board, at the time, also authorized the repurchase of $25 million of outstanding 8 1/8% Series D preferred depository shares.
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