Real estate investment trust Boston Properties Inc. (BXP) said Monday that industry veteran Owen Thomas will succeed Mortimer Zuckerman as chief executive officer and a director. His appointment is effective April 2, 2013.
Zuckerman, the co-founder of Boston Properties, will remain as executive chairman and return to his original role in company activities.
Thomas, aged 51, has more than 25 years of real estate experience and an extensive financial as well as operational background. He is currently the Chairman of the board of Lehman Brothers Holdings Inc. (LEHMQ), the successor company to Lehman Brothers.
Zuckerman said, "As part of our succession planning process with the Board, we have been focused on identifying the right person to take over as CEO of the Company - a role I inherited in 2010 after my long-time business partner and Boston Properties co-founder Ed Linde passed away. I could not be more pleased that, after a very thorough process, Owen Thomas will become our new CEO."
Thomas has served as chairman of the board of directors of Lehman Brothers Holdings Inc. since March 2012. At Lehman Brothers Holdings, he oversaw the successful sale of several assets, including the sale of apartment owner Archstone Enterprise LP to Equity Residential (EQR) and AvalonBay Communities, Inc. (AVB) for $15 billion.
From 1987 until 2011, Thomas held various positions at Morgan Stanley, including CEO of Morgan Stanley Asia Ltd., President of Morgan Stanley Investment Management, Head of Morgan Stanley Real Estate and Managing Director. Thomas was also a member of Morgan Stanley's Management Committee from 2005 to 2011.
The 71-year-old outgoing CEO, Zuckerman, has been a director of Boston Properties since June 23, 1997. He co-founded Boston Properties in 1970 after spending seven years at Cabot, Cabot & Forbes where he rose to the position of senior vice president and chief financial officer.
Zuckerman is also chairman and editor-in-chief of U.S. News & World Report and chairman and publisher of the New York Daily News.
In a separate statement, Boston Properties said its board declared a regular quarterly cash dividend of $0.65 per share of common stock for the period January 1 to March 31, 2013. The dividend is payable on April 30 to shareholders of record as of the close of business on March 29.
In late January, Massachusetts-based Boston Properties reported that its fourth-quarter funds from operations or FFO increased to $192.5 million or $1.27 per share from $179.3 million or $1.21 per share in the same quarter last year.
However, net income for the quarter declined to $65.4 million or $0.43 per share from $101.6 million or $0.69 per share last year. Revenues rose to $485.40 million from $450.5 million in the prior-year period.
In Monday's regular session, BXP is trading at $102.79, down $0.10 or 0.10 percent on a volume of 64,890 shares.
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