MIAMI—Equity One's CEO is moving on. Jeffrey S. Olson has decided not to renew his employment agreement with the shopping center owner, developer, and operator.

Olson offered a long heads up. He will continue serving as the company's chief until the end of the year, when his contract expires. That means Olson still has more deals to ink, as he maintains responsibility for carrying out the strategic initiatives currently underway even as he works to pass the torch to his yet-unnamed successor.

“Jeff has led the company through a transformation which has dramatically strengthened the portfolio quality, diversified the asset base and improved the balance sheet,” says Equity chairman Chaim Katzman. “We have a deep and talented team that has successfully executed our strategic plan and will continue to serve as a strong foundation for the future.”