Logistics developer and investor First Industrial announced on Thursday that Michael W. Brennan has stepped down with immediate effect as the company's President and Chief Executive and as a member of the company's board. First Industrial added that it has set up a committee to conduct the search for a new CEO. Until then, Ed Tyler, a member of the board, will serve as interim Chief Executive.
Logistics developer and investor First Industrial announced on Thursday that Michael W. Brennan has stepped down with immediate effect as the company's President and Chief Executive and as a member of the company's board. First Industrial added that it has set up a committee to conduct the search for a new CEO. Until then, Ed Tyler, a member of the board, will serve as interim Chief Executive.
'On behalf of all of the directors and employees of First Industrial, we thank Mike for his dedication and leadership and all of the contributions he has made to First Industrial since the creation of the company in 1994,' said chairman Jay H. Shidler.
According to Shidler the decision to seek a new CEO was based on the board's belief that it is 'the right time to install new leadership to move the company forward in improving its performance and achieving its full potential.'
'First Industrial's portfolio continues to perform well in a difficult market, its balance sheet remains strong with one of the industry's longest weighted average debt maturity schedules and less than $135 mln maturing through the end of 2010, and the company has a significant amount of capital capacity for investment through its institutional joint ventures,' he added.
