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As Rechler steps down, another takes his place.

Reckson Associates Realty Corp. announced that the company's board of directors appointed Scott Rechler, Reckson's president, chief executive officer and member of its board of directors, as chairman of the board, to fill the vacancy created by the recent resignation of Donald Rechler.

In tendering his resignation, as non-executive chairman and a member of the board of directors, Donald indicated his desire to pursue non-business interests and his confidence in the leadership abilities of the company's current management team. Donald's resignation comes approximately one year after the sale of the company's Long Island industrial portfolio and the related restructuring of the company in which Donald stepped down from his position as co-chief executive officer of Reckson.

Donald is one of Reckson's co-founders and has served as chairman of the company's board of directors since its initial public offering.

"I have dedicated myself to the growth of Reckson for over 40 years and I am extremely proud of what we have accomplished," Donald Rechler stated. "A little over a year has passed since I ceased to be co-chief executive officer of Reckson and I have enjoyed my new found free time during this past year. I recently turned 70 and I am looking forward to spending more time on personal interests, including extensive travel."

"I believe the company is in capable hands with a strong business plan and is poised for future growth. I therefore feel that it is a perfect time to resign as a member and chairman of the board of directors of Reckson," Rechler added.

Scott Rechler, Reckson's president and chief executive officer, stated, "We are extremely grateful to Donald for his years of leadership and creativity which helped build Reckson into one of the premier owners and developers of class A office properties in the New York tri-state area. Donald has dedicated his career to the success of Reckson, the well-being of our employees and the betterment of the communities in which we do business."
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Title Annotation:Reckson Associates Realty Corp. appoints Scott Rechler as chairman of the board in place of Donald Rechler
Publication:Real Estate Weekly
Geographic Code:1USA
Date:Dec 1, 2004
Words:328
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