Co-Chief Executive Leaves Maguire

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Richard I. Gilchrist announced Thursday he is stepping down as president and co-chief executive of Maguire Properties Inc.


Gilchrist resigned effective immediately as a company director and will leave his officer duties effective Jan. 1. In a Maguire Properties statement, Gilchrist said he has no immediate plans, but that he will serve as a consultant on the company’s development projects.


Maguire spokeswoman Peggy Moretti said it was Gilchrist’s choice to leave. “People make personal decisions for a variety of reasons,” she said. “This was his personal decision.”


Gilchrist had a long career at Maguire Partners, the precursor to the public company, but left in the early 1990s to work for the real estate investment firm Commonwealth Partners LLC and then at Lazard LLC, an investment bank.


Gilchrist was in semi-retirement when re-joined Maguire Partners four years ago to broaden the company’s executive ranks as the firm was gathering steam to take itself public. Gilchrist went on the road extensively with the company’s founder, Rob Maguire, to sell the company to investors.


This is the second senior executive departure from Maguire since the company went public two years ago. In 2003, the company’s director of leasing, Tony Morales, was forced out.


Moretti said even before Gilchrist’s resignation that Maguire Properties had intended to hire a number of new executives. Still, Moretti didn’t believe the company would hire another executive to assist Maguire, leaving the chief executive title entirely in the founder’s hands.


“We are moving forward,” she said. “The company has grown significantly since our IPO and although we’ve added a number of new management roles, we anticipate adding many more in the new year.”

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