BRE Properties names Frank C. McDowell President & CEO.SAN FRANCISCO--(BUSINESS WIRE)--June 6, 1995--BRE Properties, Inc. (NYSE NYSE See: New York Stock Exchange :BRE (Business Rules Engine) Software that automates policies and procedures within an organization, whether legal, internal or operational. The use of a rules engine (BRE) requires placing the company rules in an external repository that can be easily reviewed rather than ) today announced the appointment of Frank C. McDowell, 46, as the company's new president and chief executive officer. McDowell also was named a director of the company, increasing the board to six members. BRE is a self-administered equity real estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ), which owns and operates income-producing properties, primarily apartments, in selected Western U.S. markets. "Frank McDowell is extraordinarily well qualified to direct BRE Properties to a position of leadership in the new REIT industry," said John McMahan, interim chairman of the company. "As chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cardinal Realty during the past three years, Frank worked with entrepreneurial zeal to significantly improve operating results and shareholder value. With 24 years of real estate experience, he is a well rounded and energetic chief executive who will aggressively implement BRE's growth and shareholder value strategies." Cardinal Realty (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CRSI CRSI Concrete Reinforcing Steel Institute CRSI Ceramic Reusable Surface Insulation (NASA) CRSI Combat Readiness Special Inspection CRSI Caldwell, Richards and Sorenson Inc. ) is the nation's fifteenth largest apartment management company and the nineteenth largest owner of multifamily housing. Cardinal's assets include 117 wholly owned apartment complexes and interests in an additional 419 apartment properties, representing approximately 35,000 units in 15 states. Commenting on his appointment, McDowell said, "I'm very pleased to join BRE Properties, particularly at this point in time in the REIT industry. The company has a strong financial position, a solid foundation upon which to build and excellent prospects for the future. My full attention and energy will be focused on accelerating the company's growth and working diligently to increase shareholder value." Before joining Cardinal Realty Services, based in Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. , in 1992, McDowell had served as a senior executive and head of real estate at First Interstate Bank of Texas and Allied Bancshares, where he had responsibility for regional management, real estate lending and problem asset workout. McDowell holds a Masters Degree in Business Administration from the University of Texas at Austin “University of Texas” redirects here. For other system schools, see University of Texas System. The University of Texas at Austin (often referred to as The University of Texas, UT Austin, UT, or Texas , where he also earned his undergraduate degree “First degree” redirects here. For the BBC television series, see First Degree. An undergraduate degree (sometimes called a first degree or simply a degree . L. Michael Foley, a director of BRE and head of the CEO Search Committee, said, "Frank McDowell is an exceptional choice to lead BRE Properties. He has in-depth product knowledge of apartments, broad industry experience and a proven track record as the chief executive officer of a major real estate operating company operating company A business that engages in transactions with outsiders. . Frank has headed a publicly traded company publicly traded company A company whose shares of common stock are held by the public and are available for purchase by investors. The shares of publicly traded firms are bought and sold on the organized exchanges or in the over-the-counter market. , and he understands the responsibilities of that role." Cardinal Realty Services, Inc. is the successor company to Cardinal Industries, which, like many real estate development companies, faced substantial difficulties in the 1980s. After defaulting on certain loan obligations and several unsuccessful attempts to restructure its debt, Cardinal filed for bankruptcy in 1989. Since 1991, Cardinal has focused solely on multifamily housing. Frank McDowell joined Cardinal in early 1992 to direct and manage the reorganization. In September 1992, the company emerged from Chapter 11 and since then it has become public and now is traded on NASDAQ. Cardinal's common share price rose from $3.00 in early 1993 to more than $17.00 in early June 1995. Foley stated, "Frank McDowell led the successful turnaround at Cardinal, and his performance generated significant returns for shareholders in the process. We look forward to having his executive talents at BRE Properties, where he will be able to make substantial contributions to the company's expansion and its focus on building shareholder value." McDowell's appointment completes a management succession plan that was announced by BRE Properties in December 1994. With McDowell's appointment, Arthur G. von Thaden will step down as president and chief executive officer to become chairman. BRE Properties is a self-administered equity real estate investment trust which owns and operates garden apartments, shopping centers and other income-producing properties in California, Arizona, Washington and Oregon. Apartment rents represent nearly 80% of the company's revenue. CONTACT: BRE Properties, Inc. Ellen G. Breslauer, 415/445-6550 or Healy Partners & Co. Maury Healy, 415/546-6166 |
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