New CEO named at SL Green Realty.SL Green Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. announced that Marc Holliday Hol·li·day , Judith Tuvim Known as "Judy." 1922-1965. American comedian best remembered for her performance in the play (1946-1950) and film (1950) Born Yesterday. has been promoted to Chief Executive Officer. Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and L. Green, the Company's founder and current 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. , will continue in his position as Chairman of the Board of Directors and a full time Executive Officer of the Company with responsibility for developing key market relationships and real estate opportunities while overseeing the firm's long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. strategic direction. Green said that Holliday, 37, who joined the SL Green Realty CorP. in 1998 as Chief Investment Officer and will remain as President, a post he has held since 2001, has been the key ingredient in the Company's dramatic growth and industry leading performance. "Since Marc's arrival at SL Green, I have witnessed his transformation from a great 'deal man' to an outstanding leader who commands the total respect of both our internal staff and the outside real estate community," said Green. "I have no doubt that in his new role he will lead SL Green to new benchmarks and continue our tradition as an industry leader." Holliday said, "Stephen and I have worked together as partners in running SL Green over the past five years, and I am very pleased to have the full support of our Board of Directors to make SL Green an even stronger company for our shareholders, tenants, and employees." Since joining the Company, Holliday has directed the Company's focused business plan of repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. and strategically upgrading the portfolio to larger avenue properties with higher quality tenants, while at the same time driving strong earnings performance and growth in shareholder value. The Company has consistently outperformed industry averages in total return performance and FFO FFO See: Funds from operations growth and has become one of the largest owners of commercial office properties in Manhattan with ownership interests in 26 buildings comprising over 15 million square feet. In connection with Holliday's promotion to CEO, the Company has amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. his employment agreement to extend it through January 2010. Pursuant to the amended employment agreement, Holliday will receive an additional 270,000 restricted shares of SL Green common stock plus a 40% gross-up for income taxes. 95,000 of these shares will vest immediately and be nontransferable for a period of two years. The balance of the restricted shares will vest over the remaining term of the employment agreement subject to achieving certain time and performance criteria. Green, 65, emphasized that he remains committed to growing the company and continuing his style of hands-on management. "In my role as Chairman and an Executive Officer of the Company, I will maintain an active full time role in the Company's financial and operational success. Marc and I will work side-by-side as we continue our growth and accomplish even more in this great city." |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion