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SAN DIEGO—Pan Pacific Retail Properties Inc. has announced that the top executive for what was once its largest shareholder has resigned from its board of directors.

Paul D. Campbell, CEO and president of Ontario, CA-based Revenue Properties Company Ltd. resigned from Pan Pacific’s board, leaving the Vista-based real estate investment trust with six directors, five of them independent.

Campbell had been a member of the board since May 1998 in connection with Revenue Properties’ holding some 10.8 million shares of Pan Pacific common stock, representing about a 51.1% ownership stake in Pan Pacific at the time. During the past six months, however, Revenue Properties has sold about 9.3 million shares through a number of separate transactions with unaffiliated institutions and private investors. In June alone, Revenue Properties announced the sale of 4,330,000 shares to US institutional investors worth $155 million Canadian.

As a result, Revenue Properties currently holds about 1.5 million shares, or 4.8%, of Pan Pacific common stock.

“Paul has provided invaluable guidance and insight as a member of the Pan Pacific board of directors,” says Stuart A. Tanz, president and CEO of Pan Pacific Retail Properties. “We are deeply grateful for his service during the past three years.”

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