"It's just a reflection of the times," Donges tells GlobeSt.com in explaining the change. "The reality is that you have fewer projects and you don't need as big an executive staff. We mutually agreed that this is the right move."Donges adds that while Lane Co. remains active in property and asset management, the number of its multifamily projects has diminished greatly from previous years, largely due to capital markets contraction. This past fall, Lane broke ground on The Montage, a 19-story luxury apartment building in Downtown Orlando.

"Bill's done a great job shepherding us through a strong period of growth, but unfortunately the real estate market is in a deep contraction," Lane stated in a release. "While we want him to be free to pursue other opportunities, we are asking him to stay on as an advisor and continue to represent us as our ambassador to the real estate community."

Donges, a US Naval Academy graduate who joined Lane Co. in 2002 and was promoted to CEO in 2005, is incoming chair of the National Association of Home Builders Multifamily Leadership Board and also serves on the board of the National Multi-Housing Council. He is credited by Lane with spearheading strategic planning to combine several disparate companies into a single entity, along with guiding Lane's expansion into the Mid-Atlantic states, Texas and Florida.