"Cousins Properties is sorry to see Dan Dupree leave the company, but we are grateful for his service and wish him the best of luck in the future," a spokesperson tells GlobeSt.com. There is no replacement for the position.
DuPree served as president and COO of Cousins from 2007 to the beginning of 2009. He had been with Cousins since he sold New Market Development Co. Ltd., a firm he founded, to the REIT in 1992. DuPree left the company once during that time, from 2002 to 2003, in order to pursue a position as CEO of Barry Real Estate Cos.
Dupree was not available for comment on Tuesday. He told the Atlanta Journal-Constitution that stepping down had been planned for a long period of time in order to allow the next generation of leadership at Cousins to rise.
"The company used to be organized on a property basis and then in 2008 they restructured on a functional basis," says Cedrik Lachance with Green Street Advisors, as an explanation as to why the company has seen leadership changes recently. The senior analyst says those changes are a reflection of what's happening in the REIT's core business, "which is developing office and retail in markets that currently have more than enough supply.
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