shareswere up more than 1.50% at midday April 12 following the company's , before the market opened, thatFederal Realty Investment TrustCFO James Taylor would assume duties as Brixmor's CEO in May.
FederalRealty's stock, meanwhile, was down moderately. The REIT and broader market indexeswere up modestly on the day.
Taylor'sappointment comes roughly two months after an accounting discrepancy sent the Brixmor'sprior leadership packingand the company's board installed former DDRCorp. CEO Daniel Hurwitz to serve as interim CEO. The search for Hurwitz'sreplacement was expectedto take longer.
"IfI were a betting man, I would tell you it's going to be hard to execute this insideof three months, and it will be probably closer to six months, I would think, todo it properly," Hurwitz had said on a March 1 conference call.
DeutscheBank analyst Vin Chao called Taylor "well respected" and a "strongaddition" to the Brixmor C-suite in an April 12 write-up, in which he ratedBrixmor at "hold." The company is in good shape operationally, he said,but some downside risk exists for Brixmor's 2016 FFO as a result of increases inG&A expense and litigation costs associated with the fallout from the accountingdiscrepancy.
"MrTaylor will be missed at FRT both in terms of the balance sheet as well as we thinkfrom his assistance from a business strategy and operational standpoint," Chaowrote.
At Brixmor,the search for a permanent CFOto replace Barry Lefkowitz, formerly of Mack-CaliRealty Corp., is ongoing. Chao said he expects a quicker resolutionto the matter, however, with Taylor set to take the reins May 20.