Macnab replaces James M. Seneff Jr. who continues as CEO of CNL Financial Group, the 25-year-old, privately held umbrella company and parent of several subsidiary firms including CNLR. Seneff headed CNLR since 1992 and orchestrated its growth to become one of the largest retail REITs in the US.

The CNLR directors' election of Macnab surprised some local commercial real estate followers who tell GlobeSt.com they expected Gary M. Ralston to be named to the CEO post. Ralston is president and chief operating officer of CNLR and is credited by many in the industry for spearheading the REIT's highly successful portfolio diversification over the last several years.

Macnab comes to Orlando with a solid reputation and key player in the $1-billion merger of 20-year-old JDN with Cleveland, OH-based Developers Diversified Realty Corp. in 2003. Macnab was with JDN from April 2000 to 2003, a difficult period for JDN which was censured by the Securities and Exchange Commission for alleged accounting fraud violations that occurred from 1994 through half of 1998.