Jeffrey Friedman, CEO, assumed the role of president of AEC less than two weeks ago when Louis Vogt resigned that post. At the time, Vogt was to retain his position as president of MIG Realty Advisors, a West Palm Beach, FL-based company that AEC purchased in 1998. On September 30, however, the company announced that Friedman is assuming the presidency of MIG, replacing Vogt, who resigned.
In a statement, AEC said the accounting and reporting functions of its MIG advisory business will be consolidated at corporate headquarters and that responsibility for client portfolio and property management will be administered by two VPs of portfolio and two VPs of regional operations who will report directly to Friedman. Lou Fatica, AEC's CFO, takes on the same role for MIG.
The statement also said that AEC estimates "non-recurring costs associated with the restructuring of the advisory business, including severance costs and costs related to . . . Vogt's separation from the company, will have a one-time impact of an estimated four cents a share in the third quarter.
Friedman's statement also says, "the loss of fees associated with the 11 properties has been offset by significantly reduced overhead."
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