Regency Centers Corp. announced that Chairman and CEO Martin E. (Hap) Stein Jr. will become executive chairman effective Jan. 1, as part of what the company describes as a succession plan. Meanwhile, CFO and President Lisa Palmer will become CEO.
Stein was named CEO when Regency went public in 1993 and has served as chairman since 1999. He joined the company in 1976, working in leasing and asset management, and then served as president from 1981 until his promotion to CEO.
Martin E. (Hap) Stein Jr.
“The company’s well-conceived growth through several real estate cycles and the resulting impressive shareholder return [are] directly attributable to Hap’s far-sighted direction and consistent execution,” said C. Ronald Blankenship, lead director of Regency’s board of directors, in a statement released Thursday.
Palmer, who joined the company in 1996 and has served in various capacities, including senior vice president of capital markets, will vacate the CFO title effective Aug. 12 but remain president. She became CFO in 2013 and was named president in 2016. Michael Mas, the firm's managing director in charge of finance, steps up and succeeds Palmer as CFO.
“Lisa has a deep understanding of the key aspects of our business, our strategy and our vision to be the preeminent national shopping center owner, operator and developer,” said Stein. “She is highly respected in the capital markets, by those with whom she has worked within the shopping center industry and, importantly, by fellow members of Regency’s wonderful team. I am extremely confident in Regency’s future in the talented hands of Lisa Palmer.”
Lisa Palmer
In other executive moves at the company, Jim Thompson, executive vice president of operations, will become COO, while Mac Chandler, executive vice president of investment, will rise to chief investment officer.
“I am honored to have the opportunity to lead Regency Centers,” Palmer said. “I am truly humbled by the confidence Hap and the board of directors have placed in me. I’d also like to congratulate Mike Mas on his well-deserved promotion to chief financial officer. Mike brings a wealth of industry expertise, knowledge and strong relationships within the investment community to that role. Regency is well-positioned for the future, and I look forward to working closely not only with Mike, but [also] with Mac, Jim and our outstanding team in continuing to grow shareholder value and [in] building upon the great company that we are today because of Hap and all of the leaders that have come before me.”
By Edmund Mander
Director, Editor-In-Chief/SCT
