Cousins Properties CEO Larry Gellerstedt hands over to Colin Connolly

  • Push-out Score determined
  • After almost 10 years in the position
  • Praise and thanks for Gellerstedt
  • Gellerstedt will remain as Executive Chairman at Cousins Properties
  • Gellerstedt spoke at length and said 114 words

(exechange) — Atlanta, Georgia, September 18, 2018 — Larry Gellerstedt, chief executive of Cousins Properties, hands over the reins. As announced by Cousins Properties Incorporated in a news release and in a regulatory filing published on Tuesday, September 18, 2018, Lawrence L. (Larry) Gellerstedt leaves his post as Chief Executive Officer at the real estate investment trust company after almost 10 years in the role, effective January 1, 2019.

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 9.1 years, according to data compiled by exechange.

Gellerstedt’s duties will be taken over by M.Colin Connolly, currently Chief Operating Officer of Cousins Properties Incorporated.

It is a generational change as well. Colin Connolly is about 20 years younger than Larry Gellerstedt.

“Planned succession”

Gellerstedt’s departure from the CEO post is explained as follows. Gellerstedt said: “Colin’s promotion is part of a deliberate and planned succession effort that will allow Cousins Properties to benefit from his ideas, energy and strategic leadership skills, while continuing its evolution into a larger, highly focused company.”

Gellerstedt will remain as Executive Chairman at Cousins Properties

Larry Gellerstedt, the Company’s current Chairman and Chief Executive Officer, will transition to Executive Chairman.

“Mr. Gellerstedt, 62, was named Chief Executive Officer of Cousins in 2009, and his role as Executive Chairman will focus on strategy, key client relationships, board governance and civic engagement,” Cousins Properties said.

In the position of CEO since 2009

Lawrence L. Gellerstedt, III has been Chairman of the Board of Cousins Properties Incorporated since July 28, 2017 and as its Chief Executive Officer since July 1, 2009.

Gellerstedt joined the Company in July 2005, as Senior Vice President of the Company and President of the Office/Multi-Family Division of the Company.

He became Executive Vice President and Chief Development Officer in May 2008, Executive Vice President and Chief Operating Officer in February 2009, President and Chief Executive Officer in July 2009 and Chairman of the Board and Chief Executive Officer in July 2018.

Push-out Score determined

Read the full story in the exechange report 39.2018 ($).