Dan Young, Gregory Lindstrom and Tony Russo to Assume New Role on the Irvine Company's Executive Management Team.

Moves to Follow Retirement of Veteran Executives Joe Davis and Larry Thomas

NEWPORT BEACH, Calif. -- The Irvine Company is turning to seasoned insiders Dan Young and Tony Russo to replace retiring longtime senior executives Joe Davis and Larry Thomas, it was announced today.

Also, Gregory Lindstrom will be joining the company's retooled executive management team once he transitions from a 25-year career as one of the most accomplished and successful litigators for Latham & Watkins, the prominent international law firm.

Young, 56, is being promoted to president of Irvine Community Development Company, an affiliate of The Irvine Company, where he will lead the organization responsible for all residential development on The Irvine Ranch. He succeeds Joe Davis, a 14-year company veteran who announced this week he will retire October 1.

Young joined the company in 1999 and currently serves as executive vice president of Entitlement and Public Affairs.

Before joining The Irvine Company in 1999, Young had a 20-year career as a real estate developer and consultant to the industry. He served 11 years on the Santa Ana City Council, including eight years as mayor.

Russo, 44, is being promoted to group senior vice president of Corporate Affairs, responsible for overseeing the company's federal, state and local corporate government relations. He will also lead the Corporate Communications, Technology Advancement and Corporate Marketing groups which have been managed by Larry Thomas, a 20-year senior executive who is retiring September 15.

Russo joined the company in 2003, and has been serving as senior vice president, Government Relations. Previously he has compiled a long career as a public affairs and communications executive, directing strategic plan development, implementation and budgeting for corporate clients and political candidate campaigns, as well as litigation support and business plan development.

Lindstrom, 54, has worked on high profile litigation involving the company for the past 25 years. Once he completes his transition from Latham, he will oversee the company's General Counsel and Legal Department, Human Resources, Risk Management, Internal Audit, and Russo's new Corporate Affairs organization.

Lindstrom has practiced in the Orange County and San Francisco offices of Latham & Watkins since 1978 where he has specialized in complex litigation matters across a broad range of subjects, including antitrust, intellectual property, securities, white collar crime and unfair business practices. He is a Fellow of the American College of Trial Lawyers.

Young and Lindstrom will report to Michael D. McKee, who was elevated to chief executive officer in June, and reports to Chairman Donald Bren. Russo will report to Lindstrom.

In a memo to employees announcing the moves, McKee noted Young's development background and added, "Dan is a tremendous leader, a skilled negotiator and a creative strategic thinker - traits that make him a natural choice to head ICDC."

Of Lindstrom, McKee wrote: "Greg brings broad knowledge, keen insight and impressive people skills to our organization. He is a proven manager, having run two offices and served on the firm's worldwide executive committee. He is known as one of Latham's most accomplished and successful litigators, and he has a 25-year association with The Irvine Company that will prove valuable to him and to us as he assumes these new duties."

Of the retiring Joe Davis and Larry Thomas, McKee said: "Both have been popular and effective leaders, gifted managers, and have earned substantial reputations in their fields. They enjoy many friends and admirers among those who have worked closely with them."

Davis, one of the most widely respected residential developers in the country, joined the company in 1993. He became president of Irvine Community Builders in 1996. In early 1997, he was promoted to executive vice president of the newly formed Irvine Community Development Company and later that year was named ICDC president. Under his leadership, ICDC has developed a number of prominent residential villages on The Irvine Ranch, including the nationally recognized and awarded village of Woodbury, and the successful custom home site communities of Shady Canyon and Crystal Cove.

Thomas is retiring with almost 40 years of experience as a journalist, political press secretary and senior corporate communications executive. He joined the company in 1987 after serving as press secretary to then-Vice President George Bush. Previously, he served as press secretary to then-San Diego Mayor Pete Wilson and to former Gov. George Deukmejian.

The Irvine Company is a 140-year-old, privately held company known for the balanced, sustainable communities it has planned and developed on The Irvine Ranch in Orange County, California. In addition to its master-planned communities, The Irvine Company is also known for its portfolio of high-quality investment properties - office, retail, resort and apartment - it owns in San Diego, Orange County, West Los Angeles and the Silicon Valley. The company traces its roots to the 1800s with the assembly of The Irvine Ranch from Mexican and Spanish land grants. The Irvine Company was incorporated in 1894.