Ross Dworman relinquished his role as chairman with Acadia Realty Trust (NYSE: AKR) in June, but will continue to serve as a trustee and member of the board. Acadia’s board of trustees restructured its governing process to primarily consist of independent trustees eliminating the role of chairman. Independent trustee Lee S. Wielansky was selected to serve as lead trustee of the board.
Lee S. Saltzman joined American Financial Realty Trust (NYSE: AFR) as chief investment officer. Previously, he was a partner in the real estate practice of Sidley Austin Brown & Wood LLP.
Wesley R. Edens resigned as chairman, chief executive officer, president and director of Capstead Mortgage Corporation (NYSE: CMO). Also, Capstead partner Robert I. Kauffman resigned as director. Paul M. Low has been appointed company chairman, while Andrew F. Jacobs was named CEO, president and board member. Phillip A. Reinsch was named chief financial officer.
Steven Abney has been appointed chief accounting officer at Koger Equity, Inc (NYSE: KE). Abney previously served as the company’s vice president of finance.
Kramont Realty Trust’s (NYSE: KRT) Norman M. Kranzdorf retired from his post as chairman on July 14. Kranzdorf, who has been chairman since 2000, will remain a trustee until 2005 under the terms of his contract with the company. Also, Michael G. Mortimer has been promoted to vice president. He will continue to serve as the company’s controller.
Developer of the Year
The National Association of Industrial and Office Properties (NAIOP) bestowed its 2003 Developer of the Year Award on Colonial Properties Trust (NYSE: CLP) and president and CEO Thomas H. Lowder (right). Given annually to the developer that best demonstrates leadership and innovation in the commercial real estate market, the award is determined using six main criteria: industry and business leadership; involvement in NAIOP; quality of products and services; financial consistency and stability; ability to adapt to market conditions; and social consciousness.
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