Printer Friendly

THE IRVINE CO. REORGANIZES FOR THE 1990S; MOVE WILL BRING FURTHER COST REDUCTIONS

 THE IRVINE CO. REORGANIZES FOR THE 1990S;
 MOVE WILL BRING FURTHER COST REDUCTIONS
 NEWPORT BEACH, Calif., May 22 /PRNewswire/ -- The Irvine Co. today announced a restructured senior management organization to enhance the company's competitiveness and prospects for success in the substantially altered real estate world of the 1990s, Chairman Donald Bren told employees today.
 Four senior officers -- with a combined experience of 43 years at The Irvine Co. -- will head the management team and, Bren said, will lead "a more determined effort to increase our creativity and flexibility, reduce and control our costs, and concentrate in their separate areas of responsibility."
 According to Bren, the team will move quickly to implement some cost-cutting measures that will result in a reduction of staff by 30 to 40 people by the end of June. The Irvine Co. currently employees 326 people.
 Heading each group and reporting to Bren are:
 -- William McFarland, 52, who will serve as group president, land and residential development, and corporate executive vice president. His group will move forward, where the real estate market permits, with long-planned and promising residential projects;
 -- Richard Sim, 55, will serve as group president, investment properties. His group will be responsible for the aggressive management and marketing of the company's portfolio of income-producing properties, which has grown substantially in recent years;
 -- Gary Hunt, 43, will serve as executive vice president, corporate affairs, and corporate secretary. His organization will be responsible for securing approvals for the orderly, sensitive development of the firm's land to meet future needs for new jobs, housing and access to goods and services; and
 -- Richard Moran Jr., 40, will serve as executive vice president, corporate finance, and treasurer. His responsibilities will include maintaining and expanding the company's access to capital and financial markets.
 "Each of these officers has enormous talent, energy and leadership skills which have been demonstrated during their lengthy and distinguished careers with our company," Bren said. "They are seasoned, respected and they are achievers. And, I believe their collective wisdom and vision will be crucial to leading this company in the 1990s."
 Bren cautioned employees that the real estate industry of the 1980s is undergoing a fundamental structural transformation.
 "Faced with a sluggish real estate economy -- which is only slowly showing random signs of modest recovery -- we must acknowledge that our world will be different," Bren said. "Economic growth in real estate will be slow and will not come without a significant effort on our part."
 Bren described the company as lean, aggressive and strong, and added that the current fiscal year will be a financial success.
 But he said that the company and the industry face substantial challenges that require the company to cut expenditures, reduce staff and "continue our evolution to a sophisticated real estate investment and management company that relies, whenever it makes sense, on outside firms to help us achieve our business goals.
 "Our flexibility," Bren said, "has permitted us to quickly change course, take advantage of market opportunities and stay healthy in a down economy.
 "We are unlike any other real estate company, which is the source of our fundamental strength. Our operations and assets are widely diversified. Our undeveloped land carries no debt. We are conservatively managed. This past year, we proved our ability to move quickly to take advantage of market opportunities.
 "The Irvine Co. is as well prepared as anyone to operate in this stormy environment, but also to be well positioned when it passes to succeed in the new real estate world that will emerge," Bren said.
 Along with the senior management reorganization, in the coming weeks a number of the company's officers will be reassigned with expanded or changed responsibilities, Bren added.
 -0- 5/22/92
 /CONTACT: Larry Thomas, 714-720-3232, or Dawn McCormick, 714-552-3837, both of The Irvine Co./ CO: The Irvine Co. ST: California IN: SU: RCN


AL-DM -- LA015 -- 3399 05/22/92 15:14 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 22, 1992
Words:649
Previous Article:PEARLE TARGETS NON-OPTICAL INVESTORS FOR FRANCHISE EXPANSION
Next Article:FORMER PRESIDENT OF PHOENIX MORTGAGE COMPANY SENTENCED FOR TAX FRAUD CONSPIRACY
Topics:


Related Articles
REAL ESTATE CREDIT CRUNCH, RECESSION AND GROWTH CONCERNS CREATE PROJECT DELAYS, FORCES STAFF REDUCTION AT THE IRVINE CO.
LOCKHEED SANDERS & IRVINE SENSORS TEAM TO PURSUE SOLID STATE RECORDER BUSINESS
ENHANCED IMAGING TECHNOLOGIES REPORTS FOURTH QUARTER RESTRUCTURING
A.T. KEARNEY STUDY IDENTIFIES MAJOR TRENDS RESHAPING CORPORATE STRUCTURES IN 1990s
HOUSE OF FABRICS PLAN OF REORGANIZATION CONFIRMED; COMPANY SET TO EMERGE FROM BANKRUPTCY AS SMALLER, STRONGER CHAIN WITH LESS DEBT
Irvine Company Announces Three Large Commercial Land Sales Totaling More Than 33 Acres; Transactions Signal Strength Of Market, Local Economy
Irvine Sensors Releases Fiscal 2002 Results; Revenues Set Annual and Quarterly Record.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters