By Barbra Murray, Contributing Editor
Regency Centers Corp. can scratch succession planning off its immediate to-do list. The shopping center REIT has announced a reorganization of its senior executive management team, as Brian M. Smith, president and chief operating officer, prepares to retire at year’s end.
The company is keeping it all in the family. Simply put, Martin E. “Hap” Stein Jr., chairman & CEO of Regency, told Commercial Property Executive, “We are fortunate to have a deep bench of talent at Regency.”
Lisa Palmer, chief financial officer since January 2013 and a member of the company since 1996, will add the job of president to her duties, taking on the responsibility of spearheading acquisitions and dispositions. “Lisa’s nearly 20 years with the company and extensive real estate expertise make her an ideal candidate to assume the role of president,” Stein said. “She has proven herself an accomplished and capable leader, as is evidenced by her strong performance in a number of key roles.”
Two other executives will take on new duties. Jim Thompson, who came aboard more than 30 years ago, will move up from the position of managing director for the eastern United States to executive vice president of operations. Regency also promoted Dan M. “Mac” Chandler III, managing director for the western United States, to executive vice president of development. Chandler’s history with Regency goes back to 1997 when he joined a predecessor company. “No one knows shopping center operations better than Jim, and Mac is one of the most talented developers in the industry,” Stein added. “They are all seasoned real estate professionals and the Company has tremendous confidence in their leadership.”
Smith will continue to work with Regency as a consultant for 12 months to help facilitate a smooth transition.
The changes at the top will become effective January 1, 2016; however, there’s much at Regency that will remain the same. “We will continue to execute on our strategy to enhance shareholder value as we solidify our position as the nation’s preeminent owner, operator and developer of high-quality, grocery-anchored neighborhood and community shopping centers,” said Stein. “These appointments will help ensure that we are well-positioned to help us realize the bright future ahead.”