PHILADELPHIA, Jan. 5, 2016 /PRNewswire/ -- PREIT (NYSE: PEI) announced that Ron Rubin will step down as the Company's Executive Chairman, a role he's held since 2012, effective June 7, 2016. Mr. Rubin will continue in his role as Chairman of the Board.
Joe Coradino, PREIT's CEO noted, "I have benefitted tremendously from Ron's leadership, the invaluable relationships he has created and his real estate savvy. The Company values the distinguished service, legacy and spirit established by Ron and will benefit from his continued leadership as Chairman of the Board."
"All of the members of the Board wish to extend their gratitude to Mr. Rubin for his service to the Company as Executive Chairman, and for his years of remarkable dedication and leadership to the Company," noted M. Walt D'Alessio, PREIT's Lead Independent Trustee.
Ronald Rubin, is a highly accomplished and well-known leader in the real estate industry. He served as CEO of PREIT since 1997, when The Rubin Organization, which he founded, was acquired by PREIT. He became Chairman of PREIT's Board of Trustees in 2001. In addition to serving as a Trustee of the International Council of Shopping Centers, he is the co-Chairman of the National Museum of American Jewish History and a Director of PECO Energy Company, a subsidiary of Exelon Corporation. He has also been actively involved with prominent local organizations in Philadelphia, including as a director of the Regional Performing Arts Center, the past chairman of Center City District, the former president of the Jewish Federation of Greater Pennsylvania, and a former director of The Franklin Institute, the Philadelphia Orchestra, and the United Jewish Appeal.
PREIT (NYSE: PEI) is a publicly traded real estate investment trust specializing in the ownership and management of differentiated shopping malls. Headquartered in Philadelphia, Pennsylvania, the company owns and operates over 27 million square feet of retail space in the eastern half of the United States with concentration in the Mid-Atlantic region's top MSAs. Since 2012, the company has driven a transformation guided by an emphasis on balance sheet strength, high-quality merchandising and disciplined capital expenditures. Additional information is available online at preit.com, on Twitter or LinkedIn.
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