COSTA MESA, CA-Co-founder and chairman Thomas L. Schriber of the retail development and investment firm Donahue Schriber has retired from company, closing out 41 years at the helm of the private REIT. Schriber has relinquished his role to president, CEO and 30-year company veteran Patrick S. Donahue as part of the company’s succession plan. He will stay on as chairman emeritus and an active board member while Donahue assumes the responsibilities of chairman of the board and continues to serve as CEO.

Schriber, who established Donahue Schriber with his late partner, Daniel W. Donahue, says that he and Donahue "always believed in looking ahead and planning for the company's future." His retirement is part of a succession plan that the two co-founders created, which was designed "to utilize the pool of talented individuals who have demonstrated the ability to lead Donahue Schriber," the retiring chairman says.

Throughout his 30-year career with the company, Pat Donahue has worked in every aspect of Donahue Schriber's business including leasing, asset management, development and corporate strategy. He is actively involved with the International Council of Shopping Centers, which next week convenes its signature annual convention in Las Vegas, and is a past trustee of its board of directors.