"The Rexford takeover rumors seem to have traction. The industrial real estate investment trust indicated as much a couple days ago, after market close, when it announced a chief executive shakeup and a changed capital allocation strategy. The dual announcements came months after a report that Paul Singer's Elliott Investment Management built an active stake in the company. Rexford more recently took the opportunity of an earnings call, to disclose that it had met with the relentless activist investor."
"Rexford chief operating officer Laura Clark is now in line to succeed co-CEOs and co-founders Michael Frankel and Howard Schwimmer, the company announced. Chairman Tyler Rose, who recently replaced Richard Ziman, said the transition is the culmination of the board's multi-year succession planning process. There's more to it, according to Newport Beach-based industry tracker and data analyst Green Street. It appeared Ms. Clark was on the path to eventually succeed Co-CEOs Frankel and Schwimmer upon their retirement,"
Rexford announced a leadership transition placing COO Laura Clark as successor to co-CEOs Michael Frankel and Howard Schwimmer, who are leaving both the C-suite and the board. The departures include transition and separation agreements granting each outgoing co-CEO restricted stock awards valued at $22.6 million. The board described the move as part of multi-year succession planning, while outside analysis said activist investor Elliott sped up the timeline. Rexford shifted capital allocation toward selling assets, reinvesting in higher-yielding properties, and share repurchases, with no planned acquisitions and a promise to add a new independent director by year-end.
Read at therealdeal.com
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