Hutchison joined the company in 2004 as senior vice president, multifamily with responsibility of overseeing the company's multifamily units throughout the southeast. Before coming on board at Colonial, he served as vice president at Camden Property Trust in Houston.
A Form 8-K filed with the Securities and Exchange Commission states that Hutchinson will receive a lump sump cash payment as severance. The resignation comes a little more than two months after Colonial rearranged its management team. At that time, it was announced that Thomas H. Lowder, the company's chairman of the Board of Trustees, was appointed CEO, while C. Reynolds Thompson III, the former CEO, took the reigns of company president and CFO.
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