- Push-out Score suggests push-out forces
- After about 21 years in the position
- Accolades and praise for Marcus
- Steve Richardson and Peter Moglia taking over
- Marcus will remain as executive chairman at Alexandria
- Marcus spoke at length and said 231 words
(exechange) — Pasadena, California, March 22, 2018 — Joel Marcus, chief executive of Alexandria, leaves the position. It is a change at short notice. As announced by Alexandria Real Estate Equities, Inc. in a news release on Thursday, March 22, 2018, Joel S. Marcus leaves his post as chief executive officer at the urban office REIT after about 21 years in the position, effective April 23, 2018.
It is the end of an era.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past 12 months was 9.3 years, according to data compiled by exechange. Only 10 percent of the CEOs who departed over the past 12 months left the position after more than 20 years.
Marcus’s duties will be taken over by Stephen A. (Steve) Richardson and Peter M. Moglia, currently chief operating officer (Richardson) and chief investment officer (Moglia) of Alexandria Real Estate Equities, Inc.
No reason given
In the announcement, Alexandria did not explicitly explain the reason for Marcus’s imminent move, leaving room for speculation.
Marcus will remain as executive chairman at Alexandria
Alexandria Real Estate Equities announced that its board of directors “has elevated Joel S. Marcus, chairman, chief executive officer and founder, to full-time executive chairman, effective April 23, 2018.
Alexandria announced that its board of directors has appointed Stephen A. Richardson and Peter M. Moglia as co-chief executive officers, effective April 23, 2018.”
Share price rise since February 2016
The change follows a rise in the share price of Alexandria Real Estate Equities, Inc. since February 2016.
In the position of CEO since 1997
Marcus has been the Chief Executive Officer of Alexandria Real Estate Equities, Inc. since March 1997.
Joel S. Marcus is the Chairman, Chief Executive Officer, and Founder of Alexandria Real Estate Equities, Inc., an urban office REIT uniquely focused on collaborative life science and technology campuses in AAA innovation cluster locations.
Marcus co-founded Alexandria in 1994 as a garage startup with $19 million in Series A capital and has led its growth into an S&P 500 company with an approximately $18 billion total market capitalization and a total shareholder return of nearly 1,350% since the company’s IPO in 1997.
Today, Alexandria, which celebrated its 20th anniversary as an NYSE listed REIT in May 2017, is the only publicly traded pure-play office/laboratory REIT.
Marcus has built Alexandria’s unique business model around four business verticals — real estate, venture investments, thought leadership, and corporate responsibility.
With its core focus on real estate, Alexandria has a proven track record of developing Class A buildings clustered in urban life science and technology campuses in AAA innovation cluster locations, including Greater Boston, San Francisco, New York City, San Diego, Seattle, Maryland, and Research Triangle Park.
In 1996, Marcus founded the company’s venture investments arm, Alexandria Venture Investments, to provide strategic investment capital to innovative life science and technology entities developing breakthrough therapies and technologies.
Marcus was one of the original architects and co-founders of Accelerator Life Science Partners, for which he serves on the board of directors, and AgTech Accelerator Corporation, for which he serves as Chairman of the board.
He also serves on the boards of Applied Therapeutics Inc., Atara Biotherapeutics, Inc. (NASDAQ:ATRA), Boragen Inc., Intra-Cellular Therapies, Inc. (NASDAQ:ITCI), MeiraGTx Limited, and Yumanity Therapeutics; Biotechnology Innovation Organization (BIO), Foundation for the National Institutes of Health (FNIH), Friends of Cancer Research, NewYorkBIO, and The Scripps Research Institute; the 9/11 Memorial & Museum, the Navy SEAL Foundation, the Partnership for New York City, and Robin Hood Foundation; as well as on Nareit’s 2018 Executive Board.
Prior to co-founding Alexandria, Marcus had an extensive legal career specializing in corporate finance and capital markets, venture capital, and mergers and acquisitions.
During that time, he acquired an expertise in the biopharmaceutical industry and was one of the principal architects of the Kirin-Amgen EPO joint venture in 1984.
He was also a practicing certified public accountant and tax manager with Arthur Young & Co., where he focused on the financing and taxation of REITs.
Marcus earned his undergraduate and Juris Doctor degrees from the University of California, Los Angeles.
He was named one of Real Estate Forum’s 2017 Best Bosses in commercial real estate and was previously a recipient of the Ernst & Young Entrepreneur Of The Year Award (Los Angeles — Real Estate).
As full-time executive chairman, Marcus’s role will include, inter alia, continuing to lead the overall vision for Alexandria’s mission, strategy and growth; the development of its talent and culture; and the performance of initiatives furthering the company’s operational excellence.
He will also be responsible for overseeing Alexandria’s strategic corporate and regional growth, including the company’s five-year strategic growth plan and the New York City region’s strategic operations.
In addition, Marcus will continue to lead Alexandria’s venture investment activity, life science ecosystem development and growth, thought leadership platform and corporate responsibility initiatives.
Upon Marcus’s elevation to full-time executive chairman, Stephen A. Richardson and Peter M. Moglia will begin serving as the company’s co-chief executive officers and will report to Marcus and the board of directors.
Push-out Score suggests push-out forces
It is not completely certain what forces eventually triggered Joel Marcus’s imminent move.
The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the change.
Read the full story in the exechange report 13.2018 ($).