At 66, Smith "wants to get on with other aspects of his life," aForest City spokesman tells GSR. O'Brien will take the CFO post atthe start of the company's fiscal year on Feb. 1, 2008 and alsocontinue to hold his EVP title.

"Tom Smith has been involved in virtually every Forest Cityfinancial transaction for more than two decades," says CharlesRatner, president and CEO, in a statement. Among Smith'saccomplishments, Ratner cites "his leadership in cultivatinglasting, trust-based relationships with our banks and otherfinancial partners.

"In particular, Tom's ability to recruit, retain and develop anexceptionally talented team in the company's accounting andfinancial reporting areas has created a lasting legacy and set ahigh standard for us all," Ratner continues. He notes that Smithand O'Brien "have worked closely together for years, and we havebenefited greatly from their collective wisdom and expertise."