PS Business Parks CEO Steps Down Permanently In REIT's Latest Leadership Shift
Dan “Mac” Chandler, recently appointed head of PS Business Parks, will step aside permanently due to health reasons, the Glendale, California-based REIT announced Thursday. It marks the third major leadership change at the REIT in as many years.
Chandler had taken over as CEO from interim CEO John Peterson, who stepped in after veteran leader Maria Hawthorne stepped down in 2020. Chandler, who came to the REIT after nearly 12 years at Regency Centers, had been on medical leave since Jan. 17. The company didn't give details on his condition.
He will step down as president and CEO, and relinquish his role as a member of the board of directors effective immediately, the company said in a press release.
Stephen Wilson, who was appointed interim president and CEO in Chandler’s absence, will continue to serve in that role, supported by Hawthorne, who has returned as interim chief operating officer, and Adeel Khan, the firm's chief financial officer.
“While it has been an honor to lead this inspiring company, I must step down as President and CEO due to my health condition,” Chandler said in a statement. “I am confident that Steve, Maria, Adeel, and the rest of the management team will continue to lead the Company effectively and in the interest of our stockholders.”
Formed as a division of Public Storage in 1990 and spun off as an independent firm in 1998, PS Business Parks has a market cap of more than $5B and owns significant commercial property in major coastal markets, including multitenant industrial, flex and office space.
PS Business Parks operates 97 properties covering 28M SF as of the end of 2021, and it serves approximately 5,000 tenants. The firm’s portfolio also includes 800 residential units.
