Charles B. Lebovitz to Serve as Executive Chairman of the Board of
Directors
Gus Stephas, Farzana Mitchell and Michael Lebovitz Each Promoted to
Executive Vice President
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL & Associates Properties, Inc. (NYSE: CBL) today announced that its
Board of Directors has promoted Stephen D. Lebovitz to serve as Chief
Executive Officer of the Company effective January 1, 2010, in addition
to his current position as President. Current Chairman and Chief
Executive Officer, Charles B. Lebovitz, will continue to serve as
executive Chairman of the Board, maintaining an integral role in the
Company's ongoing operations and leadership.
"It is with a great deal of excitement and confidence that we announce
Stephen's promotion to Chief Executive Officer," said Charles B.
Lebovitz, Chairman of the Board. "Since joining CBL over 20 years ago,
Stephen has earned tremendous respect both throughout the industry and
within the CBL organization for his expertise and thoughtful leadership.
He has been closely involved with every aspect of the Company's
operations, including serving as a principal in each major company
transaction since CBL's initial public offering in 1993. With Stephen's
continued vision and guidance, we look forward to carrying CBL's legacy
of success into the future."
John Foy, Vice Chairman and Chief Financial Officer commented, "During
his decades of service to CBL, Stephen has maintained a critical role in
guiding the Company's growth. His appointment to CEO is a natural
progression given his tremendous industry knowledge, personal integrity
and clear vision. I am looking forward to continuing to work along-side
Stephen in leading this outstanding organization as we look to further
strengthen CBL and capitalize on the next set of opportunities."
"I am thrilled to have the opportunity to lead this exceptional
company," said Stephen Lebovitz, Chief Executive Officer-elect. "During
my time with CBL, I have regarded its ongoing success and growth as my
most important priority. It is an honor to be able to continue to
execute on this goal as CEO. With CBL's quality team of professionals
and extensive network of strong relationships, I am positive that
together we will deliver outstanding results for many years to come."
CBL's leadership team, including Charles Lebovitz, Stephen Lebovitz, and
John Foy, together have provided strategic direction to CBL for more
than 20 years, guiding the Company's major achievements and generating
tremendous growth. That collaboration will now be enhanced with the
promotions of Gus Stephas to Executive Vice President and Chief
Operating Officer, Farzana Mitchell to the role of Executive Vice
President - Finance and Michael Lebovitz to the role of Executive Vice
President - Development and Administration.
Stephen Lebovitz added, "I am also delighted to announce the promotions
of Gus, Farzana and Michael as well as their important addition to our
Company's executive management team. Each has made major contributions
to CBL, and I am confident that their in-depth professional knowledge
and expertise will continue to be an important asset to me and to the
Company in the years ahead."
Since joining CBL's Predecessor in 1988 and founding the regional office
in Boston, Stephen Lebovitz has served as Executive Vice President -
Development/Acquisitions, Executive Vice President - Development, Senior
Vice President - New England Office, Senior Vice President - Community
Center Development and Treasurer of the Company, and since February 1999
as President and Secretary of the Company. Mr. Lebovitz has also served
as a Director of the Company since the completion of its initial public
offering in November 1993. Before joining CBL's Predecessor, Mr.
Lebovitz was affiliated with Goldman, Sachs & Co. from 1984 to 1986. He
holds a MBA from Harvard University and a bachelor's degree from
Stanford University. He is a past Trustee, State Director, State
Operations Director and Divisional Vice President of the International
Council of Shopping Centers. Mr. Lebovitz is also an active member of
the National Association of Real Estate Investment Trusts and the Urban
Land Institute.
About CBL & Associates Properties, Inc.
CBL is one of the largest and most active owners and developers of malls
and shopping centers in the United States. CBL owns, holds interests in
or manages 163 properties, including 88 regional malls/open-air centers.
The properties are located in 27 states and total 87.8 million square
feet including 3.0 million square feet of non-owned shopping centers
managed for third parties. CBL currently has one project under
construction totaling 500,000 square feet, The Pavilion at Port Orange
in Port Orange, FL. Headquartered in Chattanooga, TN, CBL has regional
offices in Boston (Waltham), MA, Dallas (Irving), TX, and St. Louis, MO.
Additional information can be found at cblproperties.com.
Information included herein contains "forward-looking statements"
within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many of
which cannot be predicted with accuracy and some of which might not even
be anticipated. Future events and actual events, financial and
otherwise, may differ materially from the events and results discussed
in the forward-looking statements. The reader is directed to the
Company's various filings with the Securities and Exchange Commission,
including without limitation the Company's Annual Report on Form 10-K
and the "Management's Discussion and Analysis of Financial Condition and
Results of Operations" incorporated by reference therein, for a
discussion of such risks and uncertainties.
Source: CBL & Associates Properties, Inc.
Contact: CBL & Associates Properties, Inc.
Katie Reinsmidt, 423-490-8301
Vice President- Corporate Communications and
Investor Relations
katie_reinsmidt@cblproperties.com