- Push-out Score determined
- After less than two years in the position
- Praise for DuPree
- Joel Murphy taking over
- DuPree will remain as Executive Chairman at Preferred Apartment
- DuPree said 87 words
(exechange) — Atlanta, Georgia, October 15, 2019 — This news came on Columbus Day. Dan DuPree, chief executive of Preferred Apartment, leaves his position. As announced by Preferred Apartment Communities Inc. in a news release published on Monday, October 14, 2019 and in a regulatory filing published on Tuesday, October 15, 2019, Daniel M. (Dan) DuPree leaves his post as Chief Executive Officer at the real estate investment trust company after less than two years in the role, effective December 31, 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 announced their departure over the past 12 months was 7.3 years, according to data compiled by exechange. On an accumulated basis, around 14% of the CEOs who announced their departure over the past 12 months left their posts within two years, and 25% left their posts within three years.
Dan DuPree’s duties as CEO will be taken over by Joel T. Murphy, most recently Chief Executive Officer of New Market Properties, LLC.
“Well-planned natural succession plan”
Dan DuPree’s departure from the CEO post is explained as follows. Howard McLure, Lead Independent Director of the Company’s Board, said: “These changes at this time are the result of a well-planned natural succession plan for the Company.”
DuPree will remain as Executive Chairman at Preferred Apartment
“Mr. Murphy succeeds PAC’s current CEO and Chairman of the Board, Daniel M. DuPree, who will remain with the Company as Executive Chairman of the Board,” Preferred Apartment said.
“Resign”
Preferred Apartment said: “As part of the succession plan, on October 8, 2019, Daniel M. DuPree, age 73, informed the Nominating and Corporate Governance Committee of the Board that he will resign as the Company’s current Chief Executive Officer, effective as of the close of business on December 31, 2019.”
Share price increase since April 2018
The announcement follows an increase in Preferred Apartment Communities, Inc.’s share price of 1% since April 2018.
In the position of CEO since 2018
Dan DuPree became CEO of the Company in April 2018.
Murphy and DuPree have worked together since 1988.
First, at New Market Development Company from 1988 to 1992, then at Cousins Properties Incorporated from 1992 to 2008.
DuPree joined PAC in 2011 and Murphy later joined PAC in 2014.
Daniel M. DuPree has served as Chairman and Chief Executive Officer of the Company since April 16, 2018.
Prior to becoming Chairman and Chief Executive Officer of the Company, DuPree served as Vice Chairman of the Company from August 2012 until April 16, 2018 and served as Chief Investment Officer of the Company from January 1, 2014 to April 16, 2018.
DuPree was elected to the Company’s Board as a director effective as of March 31, 2011.
Until December 31, 2013, DuPree served as the Company’s lead independent director and presided over executive sessions of non-management directors.
DuPree has over 48 years of commercial real estate experience in development, leasing and property management. From March 2009 to March 2012, he served as Chief Executive Officer for The Reynolds Companies, a real estate development company in Atlanta, Georgia.
From 1992 to March 2001 and then again from March 2003 to March 2009, DuPree served as President and Chief Operating Officer for Cousins Properties Incorporated (NYSE: CUZ), a real estate development, acquisition, financing, management and leasing company.
From September 2002 to March 2003, DuPree served as Chief Executive Officer of Barry Real Estate Companies, a real estate development and management company.
From 1982 to 1992, he served as Chief Executive Officer of New Market Development Company, a shopping center management and development company which he founded in 1982.
From 1976 to 1982, DuPree served as an Executive Vice President for Post Properties, where he was responsible for shopping center management, leasing and development.
From 1974 to 1976, DuPree was a commercial real estate broker for Coldwell Banker and Company.
DuPree received his Bachelor of Science Business Administration degree from the University of Florida.
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 Preferred Apartment and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 42.2019 ($).