This feature presents aweekly rundown of recent significant management and board changes and personnelmoves in the North American real estate industry, including U.S. REITs and REOCs,homebuilders, and gaming operators.
* PulteGroup Inc.said April 4 that Richard Dugas Jr. will retire as the company's chairman and CEOat the annual shareholders meeting to be held in May 2017.
Dugas, who has served as chairman of the board since August 2009and as CEO since July 2003, recently relinquished his role as president of the companyto Ryan Marshall. He offered to stepdown in order to avoid a contested public battle and to accelerate theboard's succession plan.
* LaSalle HotelProperties rehired Kenneth Fuller to serve as its executive vice president,CFO, secretary and treasurer, effective April 25, replacing Bruce Riggins, who is stepping down to exploreother opportunities. The company said April 1 that Riggins will, however, remainin the CFO post during the transition period.
* Granite REITsaid March 31 that it named Michael Forsayeth to serve as its permanent CEO, effective immediately.
Forsayeth had been serving as the company's interim CEO in additionto his role as CFO.
* Morguard Corp.CEO K. Rai Sahi and CFO Paul Miatello assumed the same positions at , replacing Arni Thorsteinsonand Larry Beeston, respectively, after Morguard became the asset manager of Templeon April 1.
Additionally, Eugene Hretzay became secretary of Temple, and Beverley Flynn, Patrick Sewardand Sanjay Ratejay were each made vice presidents. Temple Executive Vice PresidentGino Romagnoli also resigned.
* Griffin-AmericanHealthcare REIT III Inc. CFO Shannon Johnson resigned, effective March29, after being on maternity leave since August 2015. The company in a March 30 filing that Danny Prosky,president, COO, interim CFO, principal financial officer and principal accountingofficer, will continue to serve in those roles until a permanent CFO is appointed.
* NetREIT Inc.said in an April 4 filing that its board named Grant Harbert to serve as the company'sCFO, replacing Kenneth Elsberry. Harbert has served as NetREIT's vice presidentof finance since October 2015. Elsberry will retain his roles as a director and treasurer.
* New Senior InvestmentGroup Inc. said April 4 that its board appointed Bhairav Patel chief accounting officer, replacingJulien Hontang, who stepped down, effective as of March 30.
* PulteGroup said in an April 4 filing that independent directorJames Grosfeld will not be nominated to stand for election to the company's boardat the 2016 annual shareholder meeting slated for May 4, owing largely to "" betweenhim and the other independent directors regarding succession planning and otherbusiness strategy matters.
* Boston PropertiesInc. said in an April 1 filing that co-founder Mortimer Zuckerman, currentlychairman of the board, will not stand for re-election at the annual meeting in mid-May.Ivan Seidenberg, currently the lead independent director, will also not stand forre-election. Joel Klein will assume the role of lead independent director immediatelyfollowing the meeting.
Until the board elects a chairman to succeed Zuckerman, the leadindependent director will presideat board meetings, and the other functional responsibilities of the chairman willbe split between the lead independent director and the CEO. Karen Dykstra and BruceDuncan were two new nominees named by the board.
* Equity One Inc.said in an April 1 filing that Joseph Azrack has been nominated as a director andmember of the board's nominating and corporate governance committee to replace CEO David Fischel,who stepped down from Equity One's board in January.
Azrack, who is the founder and principal of his namesake realestate investment and advisory firm, Azrack & Co., will stand for election to Equity One's board at the 2016 annualstockholder meeting slated for May 13, together with eight incumbent directors.
* Farmland PartnersInc. said in a March 31 filing that it appointed John Conrad as an independentdirector to its board of directors, succeedingMichael Christodolou, who resigned.
* Peter Armstrong does not intend to seek re-election as a directorat American Hotel Income PropertiesREIT LP's upcoming annual and special meeting May 12, due to other personalcommitments. According to an April 1 news release, the company's board Charles van der Lee tostand for election at the annual meeting, along with the incumbent board members.
* FelCor LodgingTrust Inc. said April 4 that it appointed Patricia Gibson and Dana Hamiltonto serve as independent directors on its board of directors, effective March 31.The appointments were made following a letter agreement with activist investor Land& Buildings Investment Management LLC. In addition, longtime director RobertMathewson agreed to step downfrom the board, effective May 1, to maintain the board's size and reduce the averageboard tenure.
* Former TaubmanCenters Inc. director Myron Ullman was reappointed to the company'sboard as an independent director, fillingthe vacancy left by Vice Chairman Lisa Payne's departure, according to an April4 statement. Ullman, who also sits on the board of Starbucks Corp. as lead directorand is executive chairman of J.C. Penney Co. Inc., will finish out the term of Payne'sboard seat, which expires in 2017.
* GTJ REIT Inc.board member Jeffrey Wu stepped down, tendering his resignation March 31, the company said in an April 5 filing.
* L. Glenn Orr Jr. retired as a member of Medical Properties Trust Inc.'s board of directors April3. The company said in an April 6 filing that the retirement has seen the numberof directors reduced toseven.
* Mark DeCesaris was selected to serve as chairman and a memberof the respective boards of directors of CareyWatermark Investors Inc. and CareyWatermark Investors 2 Inc., effective April 5, the companies in separate April 6 filings.
* Fronsac REITsaid March 31 that it appointedGuy Dancosse and Francois-Olivier Laplante to the company's board of trustees.
* Choice HotelsInternational Inc. appointed Janis Cannon senior vice president of upscalebrands at the company. The company said April 6 that Cannon will lead the for Cambria hotelsand suites and the Ascend Hotel Collection.
* Marcus Corp.named John Murray vice president of human resources, according to an April 4 .