Macnab brushed aside a question of where he will go. He told GlobeSt.com, "near-term, I have unfinished business here. There are several new development projects to initiate. We're in active discussions to refinance our debt, and I will help lead the search process (for his successor)."
Macnab took the helm at JDN in April 2000, two months after public disclosure that two company executives received $4.9 million in undisclosed compensation from real estate transactions between 1994 and 1998. An investigation by the SEC and lawsuits by shareholders ensued.
The investigation revealed additional accounting discrepancies on rents paid by Wal-Mart and Lowe's, tenants that together accounted for a reported 29% of annual rental revenue at JDN shopping centers.
The REIT's financial toll included reported payments of $5 million to each of the two major tenant companies and a $46-million settlement of the class action suit.
"The first phase of the turnaround at JDN is complete," Macnab tells GlobeSt.com. "We've more than stabilized the company. We've settled the litigation, rebuilt our old relationships and developed new ones. The phone is ringing again."
Before being appointed CEO of JDN, Macnab was president of Nashville-based Tandem Capital and had served on the JDN board since 1993.
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