- Push-out Score determined
- After about four years in the position
- Praise and thanks for Hawthorne
- John Petersen taking over in the interim
- Search for a successor
- Hawthorne kept it short and said 44 words
(exechange) — Glendale, California, August 14, 2020 — Maria Hawthorne, chief executive of PS Business Parks, leaves. As announced by PS Business Parks Inc. in a news release and in a regulatory filing published on Friday, August 14, 2020, Maria R. Hawthorne leaves her post as chief executive officer at the REIT after about four years in the role, effective September 1, 2020.
PS Business Parks will undertake a search for a successor.
John W. Petersen, the Company’s interim President and Chief Executive Officer and long-tenured Chief Operating Officer, will continue in his role as interim President and Chief Executive Officer while the Board of Directors conducts an internal and external search for the Company’s next Chief Executive Officer.
No reason given
In the announcement, PS Business Parks did not explicitly explain the reason for Maria Hawthorne’s move.
Precise information regarding Maria Hawthorne’s future plans was not immediately available.
PS Business Parks said: “Maria R. Hawthorne will retire as President and Chief Executive Officer of the Company, effective September 1, 2020. Ms. Hawthorne has been on medical leave of absence due to health issues unrelated to COVID-19 since April 20, 2020. Ms. Hawthorne will continue to serve on the Board of Directors.”
PS Business Parks further said: “On August 14, 2020, the Board of Directors (the “Board”) of PS Business Parks, Inc., a California company (the “Company”), announced the retirement of Maria R. Hawthorne from her role as President and Chief Executive Officer of the Company, effective September 1, 2020.”
Share price decline
The announcement follows a decline in PS Business Parks Inc.’s share price of 23% since August 2019.
Chaired by Ronald L. Havner, Jr.
Ronald L. Havner, Jr. serves as Chairman of PS Business Parks Inc.
Ronald L. Havner, Jr. has been Chairman of the Board of PS Business Parks since March 1998 and has been Chairman and Chief Executive Officer of Public Storage, PS Business Parks’ largest shareholder, since August 2011 and November 2002, respectively.
In the position of CEO since 2016
Maria Hawthorne became CEO of the Company in 2016.
Hawthorne has served as Chief Executive Officer and President of the Company since July 2016 and August 2015, respectively.
In addition, Hawthorne also served as the Company’s acting Chief Financial Officer (CFO) from September 2017 to September 2018.
Hawthorne was elected as a member of the Company’s Board in July 2016. Hawthorne previously served as Executive Vice President, Chief Administrative Officer of the Company from July 2013 to August 2015.
Prior to that, Hawthorne served as the Company’s Executive Vice President, East Coast, from February 2011 to July 2013.
Hawthorne served as the Company’s Senior Vice President from March 2004 to February 2011, with responsibility for property operations on the East Coast, including Northern Virginia, Maryland, and South Florida.
From June 2001 through March 2004, Hawthorne was a Vice President of the Company, responsible for property operations in Virginia. From July 1994 to June 2001, Hawthorne was a Regional Manager of the Company in Virginia.
From August 1988 to July 1994, Hawthorne was a General Manager, Leasing Director, and Property Manager for American Office Park Properties. Hawthorne also serves as director on the Executive Board of NAREIT.
Hawthorne earned a Bachelor of Arts Degree in International Relations from Pomona College.
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.
Read the full story in the exechange report 33.2020 ($).