Thomas Schriber, cofounder of Costa Mesa-based Donahue Schriber Realty Corp., is stepping down as chief executive at the end of the year, the company said Monday.
He is set to remain chairman.
The other cofounder, Daniel Donahue, died in 2002. Patrick Donahue, chief operating officer and Daniel’s brother, is set to replace Schriber as chief executive.
Donahue Schriber is a real estate investment trust owning or operating 70 shopping centers in California, Nevada and Arizona. It plans to develop 24 additional centers, totaling 4 million square feet and valued at $550 million.
Other changes: Lawrence Casey, chief financial officer, is set to become chief operating officer, and Lisa Hirose, vice president of finance, is set to become CFO.
“Dan and I always believed in looking ahead and planning for the company’s future,” Schriber said in a statement. “These changes are part of a succession plan created over three years ago by Dan and myself to utilize the pool of talented individuals who have demonstrated the ability to lead the company.”
