Brookfield Office Properties Inc. (BPO), owner of skyscrapers in the U.S., Canada and Australia, promoted Chief Executive Officer Ric Clark to chairman and named President Dennis Friedrich as his replacement.
The changes become effective July 1, the New York-based real estate company said in a statement today. Tom Farley, Brookfield’s co-president, will become its sole president and continue to serve as chief operating officer.
The changes are part of a plan by Toronto-based Brookfield Asset Management Inc. (BAM/A) to publicly list its real estate business as Brookfield Property Partners Inc. Clark, 54, will become Brookfield Property’s CEO, according to the statement. The company will hold Brookfield Asset’s stake in Brookfield Office, which totaled 50 percent as of Jan. 1, according to data compiled by Bloomberg.
“I am pleased to be passing the CEO mantle to Dennis Friedrich, who, given his past contributions and successes at Brookfield Office Properties, is certain to do an outstanding job,” Clark said in the statement.
The announcement was made after the close of regular U.S. trading. Brookfield Office fell 1.1 percent to $18.34 today in New York. Its shares (BPO:US) have gained 17 percent this year, more than the 13 percent increase in the Bloomberg’s real estate investment trust index.
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