Moore officially will take over McDowell's duties on Jan. 1, 2005, which is the second phase of the succession plan. In the meantime, McDowell will continue to be associated with BRE, serving as an executive consultant to the company and the board of directors.
In the first phase of the succession plan, McDowell on Jan. 1, 2004 will assume the role of vice chairman and CEO, while Moore will become president and chief operating officer, assuming day-to-day operating responsibility for the company.
McDowell joined BRE Properties in June 1995 as president and chief executive officer. Under his leadership, the company's Western-focused apartment portfolio has grown from 5,200 units to more than 22,000 directly owned units in California, Arizona, Washington, Oregon, Utah and Colorado, with a total market cap of approximately $2.8 billion. McDowell spearheaded two major merger and acquisition transactions for BRE-its merger with REIT of California in March 1996, and its acquisition of Trammell Crow Residential-West assets in September 1997. Under his leadership, BRE has produced an average annual total return to Shareholders of 24%.
Moore joined BRE in Sept. 2002 and has been responsible for asset management and real estate investment activities since that time. From 1993 to 2002, Moore held several executive positions with Security Capital Group, including co-chairman and chief operating officer of Archstone Communities Trust. She held the same position at Security Capital Atlantic, Inc., a predecessor of Archstone, playing an instrumental role in its initial public offering.
BRE says the amount and timing of any costs or related charges associated with McDowell's retirement will be announced at a later date.
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