"Although the past year has brought significant challenges, the company has accomplished a great deal, including the recently completed recapitalization," D'Arcy says in a statement. "This places Grubb & Ellis in a strong position to expand its leadership position in the commercial real estate industry, especially now while the market is in significant transition. I believe Grubb & Ellis has an enormous opportunity to leverage ts talent reach, proprietary research and local market expertise to create value for our shareowners, our clients and our employees."
"[D'Arcy] is an experienced and respected executive in the commercial real estate industry and we are extremely pleased to have him joining our company," says C. Michael Kojaian, chairman of the board of Grubb, in a statement. "With the recent completion of the company's recapitalization, we are confident that Tom will accelerate the execution of Grubb & Ellis' growth strategy and build long-term value for stockholders."
This year has brought a lot of change to Grubb & Ellis as Kojaian took over the chairmanship from Glenn L. Carpenter, while Gary Hunt continued as interim CEO after Scott D. Peters resigned in the summer of 2008.
Also, the company has fought delisting from the New York Stock Exchange after a few rough quarters. And former chairman Tony Thompson waged a public proxy fight, citing the slow-moving search for Peterson's permanent replacement among his arguments.
Equinox Partner's Anthony J. LoPinto conducted the search for the new president/CEO. "It has been an honor and pleasure to work with the Grubb & Ellis board on the search, and I am thrilled the company was able to attract such an exceptional candidate as Tom D'Arcy," LoPinto said. "I am confident that under Tom's leadership Grubb & Ellis will achieve great things in the years ahead." Full disclosure, LoPinto writes the Executive Watch blog for GlobeSt.com.
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