Forest City Announces Leadership Transition at New York Subsidiary
MaryAnne Gilmartin Succeeds Bruce Ratner as President & CEO of Forest City
Ratner Companies; Ratner to Serve as Executive Chairman
CLEVELAND, April 17, 2013
CLEVELAND, April 17, 2013 /PRNewswire/ --Forest City Enterprises, Inc. (NYSE:
FCEA and FCEB) today announced that MaryAnne Gilmartin, executive vice
president of commercial and residential development, will succeed Bruce Ratner
as president and chief executive officer of the company's Brooklyn-based
subsidiary, Forest City Ratner Companies (FCRC). Ratner will serve as
executive chairman of FCRC. The transition is part of the company's ongoing
succession planning and is effective immediately.
"Under the leadership of Bruce Ratner, the New York metropolitan area has
become our largest core market and a key component of our overall
value-creation model," said David J. LaRue, Forest City Enterprises president
and chief executive officer. "He has also built a great team of real estate
professionals with expertise in development, operations and management. We
are thrilled that MaryAnne Gilmartin will continue this legacy and assume
day-to-day leadership of FCRC as president and CEO, and that Bruce will
continue to play a key role as executive chairman. I look forward to working
with both of them along with the rest of the New York team."
Gilmartin joined FCRC in 1994. During her 18-year tenure, she has played a
pivotal role in a number of the company's most highly visible projects in the
region, including Barclays Center arena, New York by Gehry at 8 Spruce Street
and the New York Times Building. She began her career in real estate in 1986
as a New York City Urban Fellow at the Public Development Corporation.
Ratner founded FCRC in 1985 in partnership with Cleveland-based Forest City
Enterprises. Under his leadership, FCRC became one of the most active real
estate businesses in the New York metropolitan area, developing, owning and
operating more than 40 office, retail, hotel, and residential projects,
totaling approximately 15 million square feet. In 2006, FCRC became a wholly
owned subsidiary of Forest City Enterprises.
About Forest City
Forest City Enterprises, Inc. is an NYSE-listed national real estate company
with $10.6 billion in total assets. The company is principally engaged in the
ownership, development, management and acquisition of commercial and
residential real estate throughout the United States. For more information,
SOURCE Forest City Enterprises, Inc.
Contact: AT THE COMPANY: Robert O'Brien, Executive Vice President - Chief
Financial Officer, 216-621-6060, or Jeff Linton, Senior Vice President -
Corporate Communication, 216-621-6060; ON THE WEB: www.forestcity.net
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