"Companies can often represent a mirror of their leaders. Understand the top executive, and you'll have a better chance to understand the why and how of the organization beneath. So, changes at the top create some intrigue, as is the case for Related California, a subsidiary of the dominant Related Companies and one of the state's most prolific developers. This week, The Real Deal's Lauren Elkies-Schram broke the story that Bill Witte, Related California's chairman and CEO, planned to step down."
"For more than 35 years, Witte, 74, led the once-upstart Related California and its development of tens of thousands of new housing units a portfolio worth several billion dollars across the state. To continue his work, Witte has tapped two successors: company president Gino Canori and in-house affordable housing executive Ann Silverberg. Canori is based in San Francisco and will become president and CEO of Related California's market rate and mixed-income development group."
"Sometimes succession plans don't work out, as evidenced this week by the news that Victor MacFarlane has returned as CEO of the development firm he founded, MacFarlane Partners. MacFarlane, now 74, had stepped down in 2022 from the San Francisco-based company, which the San Francisco Business Times called one of the first and largest Black-owned real estate development firms in the country. MacFarlane thought he had a succession plan in place, handing the keys and his legacy over to protege Landon Taylor."
Bill Witte, 74, plans to step down after more than 35 years leading Related California, which developed tens of thousands of housing units and a multibillion-dollar portfolio across the state. Witte named Gino Canori to oversee market-rate and mixed-income development and Ann Silverberg to lead all affordable housing work. Victor MacFarlane returned as CEO of MacFarlane Partners after stepping down in 2022, following succession challenges with protege Landon Taylor. Taylor is launching LegacyFirst and will reportedly partner with MacFarlane Partners to complete Freedom West, a $2.3 billion, mixed-use project in San Francisco's Fillmore envisioned to include over 2,000 housing units.
Read at therealdeal.com
Unable to calculate read time
Collection
[
|
...
]