- Push-out Score determined
- After around 26 years in the position
- Accolades and praise for Stein
- Lisa Palmer taking over
- Stein will remain as Executive Chairman at Regency
- Stein said 125 words
(exechange) — Jacksonville, Florida, August 1, 2019 — Hap Stein, chief executive of Regency, leaves his position. As announced by Regency Centers Corp. in a news release and in a regulatory filing published on Thursday, August 1, 2019, Martin E. (Hap) Stein leaves his post as Chief Executive Officer at the owner, operator, and developer of shopping centers after around 26 years in the role, effective January 1, 2020.
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 7.4 years, according to data compiled by exechange. Only 3 percent of the CEOs who departed over the past 12 months left their position after more than 20 years.
Hap Stein’s duties as CEO will be taken over by Lisa Palmer, currently Chief Financial Officer of Regency Centers Corporation.
Hap Stein’s move is part of a management shake-up also involving the positions of Chief Operating Officer; and Chief Investment Officer.
“Rigorous and well-constructed succession plan”
The management change is explained as follows. C.Ronald Blankenship, Lead Director of Regency’s Board of Directors, said: “The appointment of Lisa as Regency’s President and Chief Executive Officer is the result of the Board’s rigorous and well-constructed succession plan that has been a focus over the last several years.”
Stein will remain as Executive Chairman at Regency
“Regency Centers Corporation (“Regency” or the “Company”) (NASDAQ:REG), the preeminent national owner, operator, and developer of shopping centers, announced today the transition of Martin E. “Hap” Stein, Jr. from Chairman and Chief Executive Officer to Executive Chairman, effective January 1, 2020,” Regency said.
Regency said: “On August 1, 2019, Regency Centers Corporation announced that, effective January 1, 2020, Martin E. “Hap” Stein, Jr. will transition from Chairman and Chief Executive Officer to Executive Chairman, and Lisa Palmer will become President and Chief Executive Officer.”
Share price increase since January 2019
The announcement follows an increase in Regency Centers Corporation’s share price of 17% since January 2019.
In the position of CEO since 1993
Hap Stein became CEO of the Company in October 1993.
Stein, a graduate of Washington and Lee University, holds an M.B.A. from Dartmouth College’s Tuck School of Business.
Stein has been the Company’s chairman and chief executive officer.
Stein has led the Company since prior to it being a public company.
From the Company’s initial public offering in 1993 until 1998, he served as the Company’s chief executive officer and president.
Stein also served as president of the Company’s predecessor real estate division beginning in 1981 and vice president from 1976 to 1981.
He is a director of FRP Holdings, Inc., a publicly held real estate company. He served as past chairman of the National Association of Real Estate Investment Trusts (“NAREIT”), and is a member of the Urban Land Institute (“ULI”), the International Council of Shopping Centers (“ICSC”) and the Real Estate Roundtable.
Stein is a former trustee of Washington and Lee University and ULI and a former director of Stein Mart, Inc. from 2001 to 2014.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Regency and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 31.2019 ($).