Today\u2019s departure of Scott Peters as CEO of Grubb & Ellis Co. may be the most dramatic change at the top since the firm\u2019s merger with NNN Realty Advisors last December, and industry insiders say that more changes may be in store. \u201cIt\u2019s going through the trials and tribulations of acquisition,\u201d an executive with knowledge of the recent dynamics at Grubb & Ellis told CPN today, speaking on condition of anonymity. Grubb & Ellis disclosed Peters\u2019 move this morning in a statement, saying only that he had left to pursue other interests and that the resignation is effective immediately. Gary Hunt, an independent director on Grubb & Ellis\u2019 board, will serve as interim CEO during the search for Peters\u2019 successor. Meanwhile, Peters will continue as chairman & CEO of Grubb & Ellis Healthcare REIT and executive vice president of Grubb & Ellis Apartment REIT. The executive also speculated that Peters\u2019 departure may have been connected to the attempt by Anthony Thompson, Grubb & Ellis\u2019s former chairman and still its second-largest stockholder, to return to the board of directors. As reported by CPN, Thompson left earlier this year to start his own company, but has expressed dismay about Grubb & Ellis’s poor stock performance, among what he sees as other problems. As a result, he recently asked the board for a seat, saying he has a strategy to turn the company around. So far the board has not granted Thompson\u2019s request; in a separate announcement today, Grubb & Ellis said that it had tapped Devin Murphy, a managing director for Coventry Real Estate Advisors, to take a vacant seat on the board. Peters, who had been a NNN Realty executive, was also at the forefront of efforts to shake up Grubb & Ellis. \u201cThe intention was all very good,\u201d said the executive. Major elements of the initiative include making Grubb & Ellis more competitive, stepping up training, incorporating other technology and other steps. But as is often the case with mergers, not all executives and managers agreed with the plans for change, and some have left. But the executive predicted that Grubb & Ellis will come through its current rough patch in good shape: \u201cOnce they get all the changes settled, I think (they\u2019ll be fine.)\u201dClick here for Blog Comments<\/p>\n","protected":false},"excerpt":{"rendered":"
Today\u2019s departure of Scott Peters as CEO of Grubb & Ellis Co. may be the most dramatic change at the top since the firm\u2019s merger with NNN Realty Advisors last December, and industry insiders say that more changes may be in store. \u201cIt\u2019s going through the trials and tribulations of acquisition,\u201d an executive with knowledge…<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003826846","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"\n