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COSTA MESA, CA-Thomas Schriber will step down as CEO of Donahue Schriber at the end of this year as part of the $1.5 billion REIT’s previously established succession plan, making way for Patrick Donahue, now president and COO, who will assume the CEO role. Donahue is a 26-year veteran of the retail real estate development and investment company, which was founded by Schriber and the late Dan Donahue, Patrick Donahue’s brother.

Donahue has been president since the sudden death of his brother in December 2002. Throughout his tenure with the company he has worked in every facet of its business, including leasing, asset management, development and corporate strategy. He also serves as a trustee and VP of the Western Division for the International Council of Shopping Centers.

Schriber, who spent more than 35 years at the helm of the company, notes that he and Dan Donahue established the succession plan more than three years ago. As part of the transition, Donahue Schriber CFO Lawrence Casey will become COO and Lisa Hirose, the VP of finance, will assume the CFO position vacated by Casey. Both Casey and Hirose were instrumental in the recent restructuring of the company’s debt, which included a $475 million line of credit.

Schriber began his career in the mortgage banking and real estate brokerage fields with Coldwell Banker in the late 1960s. He joined John S. Griffith & Co. in 1969 and became president in 1976 when he and Dan Donahue acquired the company and changed its name.

Donahue Schriber, which has been a private REIT since January 1997, owns and/or operates 70 neighborhood, community and power centers comprising more than 12 million sf of retail space in California, Nevada and Arizona. In addition, the company’s development pipeline exceeds $550 million, representing 24 shopping centers totaling four million sf.

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