ATLANTA, GA, June 8, 2009-- Cousins Properties Incorporated (NYSE: CUZ) announced today the retirement of Chairman and Chief Executive Officer Thomas D. Bell, Jr. (top right photo), effective July 1.The Board of Directors elected President and Chief Operating Officer Larry L. Gellerstedt III (top left photo) to serve as CEO. Gellerstedt will retain the title of President.
The Board of Directors also elected S. Taylor Glover (bottom left photo) to serve as non-executive chairman of the board.
Bell has served as CEO of Cousins since January 2002 and chairman since December 2006. Among Bell’s many achievements during his tenure, he led the company as it sold nearly $3 billion in assets during the market’s peak resulting in special dividends totaling $12.62 per share.
“There is never a perfect time to leave a company as respected and admired as Cousins, but I’m confident that after seven and a half years as chief executive, the company is ready for new leadership and renewed energy,” Bell said.
“My decision to step aside now allows our extremely talented management team under the guidance of Larry to make important decisions that will prepare Cousins for the next phase of the real estate cycle.”
Gellerstedt, 53, joined Cousins Properties following the acquisition of his firm, The Gellerstedt Group, in June 2005.
Gellerstedt served as chairman and chief executive officer of the Beers Construction Company from 1986 to 1998. In 1998, after the sale of Beers to Skanska USA, he was elected chairman and chief executive officer of American Business Products, a NYSE-listed manufacturer of packaging and printed office products.
In 2000, Gellerstedt became president and chief operating officer of The Integral Group, a nationally known urban mixed-use development company. He went on to found The Gellerstedt Group in 2003.
“Tom Bell has been an extraordinary leader at Cousins and in our community,” Gellerstedt said. “What he has accomplished at the helm of Cousins during seven-plus years has been truly exceptional.
"All of us at Cousins have benefited greatly from his leadership and foresight and he will truly be missed. Just as it has for more than 50 years, our leadership team will continue to move Cousins forward, doing so with an unwavering commitment to our stakeholders, our communities and to excellence each day.”
Cousins founder and chairman emeritus Thomas G. Cousins (middle right photo) added, “I would like to thank Tom Bell for his seven and a half years of service to both the company and the community.
"He has worked tirelessly at both. I commend him especially for creating a succession plan in which I have great confidence.
"I’ve known Larry Gellerstedt for years and have every confidence he will move the company ahead with focus and determination. He is a gifted leader and has my total support.”
Glover joined the Cousins Properties Board of Directors in February 2005. He is currently the president and chief executive officer of Turner Enterprises Inc
Contact: Cameron Golden, 404-407-1984, Director of Investor Relations/Corporate Communications, camerongolden@cousinsproperties.com
Contact: Cameron Golden, 404-407-1984, Director of Investor Relations/Corporate Communications, camerongolden@cousinsproperties.com
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