CBL Announces Stephen D. Lebovitz Appointed Chief Executive Officer
December 14 2009 - 9:03AM
Business Wire
CBL & Associates Properties, Inc. (NYSE: CBL) today
announced that its Board of Directors has promoted Stephen D.
Lebovitz to serve as Chief Executive Officer of the Company
effective January 1, 2010, in addition to his current position as
President. Current Chairman and Chief Executive Officer, Charles B.
Lebovitz, will continue to serve as executive Chairman of the
Board, maintaining an integral role in the Company’s ongoing
operations and leadership.
“It is with a great deal of excitement and confidence that we
announce Stephen’s promotion to Chief Executive Officer,” said
Charles B. Lebovitz, Chairman of the Board. “Since joining CBL over
20 years ago, Stephen has earned tremendous respect both throughout
the industry and within the CBL organization for his expertise and
thoughtful leadership. He has been closely involved with every
aspect of the Company’s operations, including serving as a
principal in each major company transaction since CBL’s initial
public offering in 1993. With Stephen’s continued vision and
guidance, we look forward to carrying CBL’s legacy of success into
the future.”
John Foy, Vice Chairman and Chief Financial Officer commented,
“During his decades of service to CBL, Stephen has maintained a
critical role in guiding the Company’s growth. His appointment to
CEO is a natural progression given his tremendous industry
knowledge, personal integrity and clear vision. I am looking
forward to continuing to work along-side Stephen in leading this
outstanding organization as we look to further strengthen CBL and
capitalize on the next set of opportunities.”
“I am thrilled to have the opportunity to lead this exceptional
company,” said Stephen Lebovitz, Chief Executive Officer-elect.
“During my time with CBL, I have regarded its ongoing success and
growth as my most important priority. It is an honor to be able to
continue to execute on this goal as CEO. With CBL’s quality team of
professionals and extensive network of strong relationships, I am
positive that together we will deliver outstanding results for many
years to come.”
CBL’s leadership team, including Charles Lebovitz, Stephen
Lebovitz, and John Foy, together have provided strategic direction
to CBL for more than 20 years, guiding the Company’s major
achievements and generating tremendous growth. That collaboration
will now be enhanced with the promotions of Gus Stephas to
Executive Vice President and Chief Operating Officer, Farzana
Mitchell to the role of Executive Vice President – Finance and
Michael Lebovitz to the role of Executive Vice President –
Development and Administration.
Stephen Lebovitz added, “I am also delighted to announce the
promotions of Gus, Farzana and Michael as well as their important
addition to our Company’s executive management team. Each has made
major contributions to CBL, and I am confident that their in-depth
professional knowledge and expertise will continue to be an
important asset to me and to the Company in the years ahead.”
Since joining CBL’s Predecessor in 1988 and founding the
regional office in Boston, Stephen Lebovitz has served as Executive
Vice President – Development/Acquisitions, Executive Vice President
– Development, Senior Vice President – New England Office, Senior
Vice President – Community Center Development and Treasurer of the
Company, and since February 1999 as President and Secretary of the
Company. Mr. Lebovitz has also served as a Director of the Company
since the completion of its initial public offering in November
1993. Before joining CBL’s Predecessor, Mr. Lebovitz was affiliated
with Goldman, Sachs & Co. from 1984 to 1986. He holds a MBA
from Harvard University and a bachelor’s degree from Stanford
University. He is a past Trustee, State Director, State Operations
Director and Divisional Vice President of the International Council
of Shopping Centers. Mr. Lebovitz is also an active member of the
National Association of Real Estate Investment Trusts and the Urban
Land Institute.
About CBL & Associates
Properties, Inc.
CBL is one of the largest and most active owners and developers
of malls and shopping centers in the United States. CBL owns, holds
interests in or manages 163 properties, including 88 regional
malls/open-air centers. The properties are located in 27 states and
total 87.8 million square feet including 3.0 million square feet of
non-owned shopping centers managed for third parties. CBL currently
has one project under construction totaling 500,000 square feet,
The Pavilion at Port Orange in Port Orange, FL. Headquartered in
Chattanooga, TN, CBL has regional offices in Boston (Waltham), MA,
Dallas (Irving), TX, and St. Louis, MO. Additional information can
be found at cblproperties.com.
Information included herein contains "forward-looking
statements" within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company's various filings with the Securities and Exchange
Commission, including without limitation the Company's Annual
Report on Form 10-K and the "Management's Discussion and Analysis
of Financial Condition and Results of Operations" incorporated by
reference therein, for a discussion of such risks and
uncertainties.
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