"I have accelerated my planned resignation to devote myself full time to the pursuit of personal and other business interests," Guttman explains of his premature departure. He joined Federal about 30 years ago and became CEO 20 years ago. Along with the executive changes comes a multi-million loss for the REIT. Federal will see a 2002 charge to earnings of approximately $14 million--the amount that will go to Guttman as a result of his contract with the company.

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