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First REIT President Quits as Stock Drops 66%

CHICAGO-Mike Brennan resigned Wednesday from First Industrial Realty Trust, which he helped create in 1994. Word on the move will come up in the Oct. 30 conference call.

By Cari Brokamp and Robert Carr | Updated on October 24, 2008

CHICAGO-Following a one-month stock drop from more than $30 a share to just more than $10 a share, First Industrial Realty Trust Inc. president and CEO Mike Brennan resigned Wednesday. He had been with the REIT since its creation in 1994. Company Board of Directors member Ed Tyler has stepped into the role of lead director and will act as interim CEO until a search for Brennan’s successor is complete. The search will be conducted by a committee of First Industrial’s Board.

Some employees found out about the move Wednesday evening. “I really like Mike, and I hate to see him go. I think he’s a great guy,” an employee, who did not wish to be named, tells GlobeSt.com.

Tyler said in a statement that the company will consider both internal and external candidates for the position. “We are focused on selecting a candidate with the right combination of leadership, vision and commitment to guide the Company to realize its corporate objectives in this challenging market,” Tyler said. “First Industrial’s portfolio continues to perform well in a difficult market, its balance sheet remains strong with one of the industry’s longest weighted average debt maturity schedules and less than $135 million maturing through the end of 2010, and the company has a significant amount of capital capacity for investment through its institutional joint ventures.”

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