- Push-out Score determined
- After around 12 years in the position
- Praise and words of regret for Miller
- Brent Smith taking over
- Miller said 98 words
(exechange) — Atlanta, Georgia, March 19, 2019 — Don Miller, chief executive of Piedmont Office, leaves. As announced by Piedmont Office Realty Trust Inc. in a news release and in a regulatory filing published on Tuesday, March 19, 2019, Donald A. (Don) Miller leaves his post as Chief Executive Officer at the real estate investment trust company after around 12 years in the role, effective June 30, 2019.
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 8.1 years, according to data compiled by exechange. Only 30 percent of the CEOs who departed over the past 12 months left the position after more than 10 years.
Don Miller’s duties will be taken over by C.Brent Smith, currently President and Chief Investment Officer of Piedmont Office Realty Trust, Inc.
A reason for Don Miller’s departure from the CEO post was not explicitly provided. Miller said: “We have been working with the Board on this management transition for a while and I am excited about Brent officially assuming leadership of Piedmont as we all endeavor to drive our business and strategy to build value for our stockholders.”
Precise information regarding Don Miller’s future plans was not immediately available.
Piedmont Office said: “Donald A. Miller, CFA, who has served as the Company’s Chief Executive Officer since 2007, will retire effective June 30, 2019.”
Share price increase since December 2018
The announcement follows an increase in Piedmont Office Realty Trust, Inc.’s share price of 24 percent since December 2018.
Chaired by Frank C. McDowell
Piedmont Office Realty Trust, Inc. is chaired by Frank C. McDowell.
Frank C. McDowell has served as a director of the Company since 2008 and as Chairman of the board of directors since 2017.
In the position of CEO since 2007
Donald A. Miller is Chief Executive Officer and Director of Piedmont Office Realty Trust Inc. since February 2007.
Prior to joining Piedmont, Miller was the head of real estate activities at Wells Real Estate Funds, Inc. for four years.
Prior to joining Wells, he was employed by Lend Lease, a leading international commercial real estate property group in various roles, ultimately leading to that of head of the U.S. equity real estate operations.
Prior to Lend Lease, Miller was responsible for regional acquisitions for Prentiss Properties Realty Advisors, a predecessor entity to Prentiss Properties Trust (formerly NASDAQ: PP).
Earlier in his career, Miller worked in the pension investment management department of Delta Air Lines where he was responsible for real estate and international equity investment programs.
Miller is also a Chartered Financial Analyst and a member of the board of directors of Pacolet Milliken Enterprises, a Greenville, South Carolina investment company specializing in real estate and energy.
He previously served on the Board of Governors of NAREIT and is currently a member of the Urban Land Institute (ULI), and the National Association of Industrial and Office Properties (NAIOP).
Miller brings to the board over 30 years of experience in dealing with virtually all aspects of real estate acquisition, financing, management, leasing, disposition as well as both portfolio and asset management experience.
He also has an extensive personal network of contacts throughout the real estate industry and is very knowledgeable about each of the individual geographic markets in which Piedmont currently owns or may own property.
Miller will stand for re-election to the Board of Directors for the 2019-20 term.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the likelihood that Don Miller was pushed out or felt pressure to leave the position.
exechange reached out to Piedmont Office and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 12.2019 ($).