CEO Quits REIT in Split With Board

LOS ANGELES-Nelson Rising resigns as president and CEO of MPG Office Trust, the former Maguire Properties, saying that he and the board disagree on strategy for the office REIT.

By Bob Howard | Updated on November 12, 2010

LOS ANGELES-Nelson Rising, the executive that the board of MPG Office Trust brought on to steer a new course for the company when it ousted founder Rob Maguire, has resigned as president and CEO in what Rising calls a disagreement with the board over strategy for the office REIT. “I believe the board of directors and I do not share a common vision for the strategic direction of the company and a capital structure necessary to achieve it,” Rising said in a statement issued by MPG. The statement did not list specifics of the disagreement.

Rising, whose resignation is effective Monday, will be succeeded by MPG board chairman Paul M. Watson, who will serve as interim CEO until a new CEO is named. Watson is the retired vice chairman of Wells Fargo Bank.

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