Regency Centers Corp. announced Thursday that Martin E. “Hap” Stein Jr., who has run the shopping center developer since its initial public offering in 1993, will retire as CEO on Jan. 1.
He will be succeeded by Regency President Lisa Palmer, who will become the only female chief executive of a Jacksonville-based public company.
Stein’s parents, Martin Sr. and Joan, founded Regency’s predecessor company in 1963 and developed Jacksonville’s first regional shopping mall, Regency Square in 1967.
Hap Stein, 66, joined the company full time in 1976. He will transition from chairman and chief executive officer to executive chairman in January.
Palmer, 51, joined Regency in 1996 and has been president since 2016 while also serving as chief financial officer.
She will become president and CEO on Jan. 1 but give up the chief financial officer position.
Mike Mas, who has served as managing director of finance, will succeed Palmer as CFO.
“Hap has steadfastly led Regency Centers since its IPO over 25 years ago. The company’s well-conceived growth through several real estate cycles and the resulting impressive shareholder return is directly attributable to Hap’s far-sighted direction and consistent execution,” said C. Ronald Blankenship, lead director of Regency’s board, in a news release.
“The appointment of Lisa as Regency’s president and chief executive officer is the result of the Board’s rigorous and well-constructed succession plan that has been a focus over the last several years,” he said.
“Lisa has a deep understanding of the key aspects of our business, our strategy, and our vision,” Stein said in the news release.
“She is highly respected in the capital markets, by those with whom she has worked within the shopping center industry, and, importantly, by fellow members of Regency’s wonderful team,” he said.
