(Save the date: RealShare Chicago comes to the Union League Club of Chicago October 23.)
CHICAGO-Sam Zell of Equity International and Equity Residential fame has had to step into some CEO shoes rather quickly, as the Wall Street Journal reported this morning. Zell has assumed the position of interim CEO after the departure of Gary Garrabrant and Thomas McDonald, chief strategic officer.
The paper reports that Zell has someone in mind for the role, but he is taking on company responsibilities for the moment.
Until there is a new CEO in place, Equity International has to hold off on any new investments, per fund guidelines, which means there isn’t likely to be a lot of action from the company for the time being.
GlobeSt.com has been on top of Equity International activity this year. Back in July, Zell made he decision to pull out Equity International investments from Brazil, when the company sold its interests in Brazilian Finance & Real Estate and BR Malls.
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