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Macnab Leaving JDN as REIT Scouts for New CEO

ATLANTA-Declaring JDN "more than stabilized" after his two-year tenure as CEO, the exiting executivie tells GlobeSt.com he'll help search for a successor and stay until one is found. He took JDN's reigns in the wake of a financial scandal that cost the REIT $56 million in settlements.

By Marita Thomas | Updated on June 03, 2002

ATLANTA-Buckhead-based JDN Realty’s committee of independent directors is hiring an executive search firm to find a CEO to replace Craig Macnab. In the interim, Macnab will continue as CEO.

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.

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