Maguire Properties Inc. founder Robert Maguire III was ousted over the weekend as chief executive of the company he founded.

The Los Angeles-based real estate company replaced Maguire with Nelson Rising, former head of Catellus Development Corp. Maguire also named Weisman chairman.

Rising was a senior partner with a predecessor company to Maguire Properties and is a former chairman of the Federal Reserve Bank of San Francisco. He had served as vice chairman and lead independent director for Maguire more than two years.

Maguire also said it suspended its quarterly dividend, citing “the difficult environment in the company’s markets, as well as the capital markets, and their impact on recent performance, in order to preserve and strengthen the company’s financial position.”

This puts to an end a battle by Maguire to take control of the company he founded more than 40 years ago. In late April Maguire proposed a series of transactions that would have given him and his investment partner, Brookfield Properties Corp., 75 percent of a slimmed-down version of the company. The deal valued shares in the company at $21 per share, and would have also allowed Brookfield to acquire the company’s Los Angeles portfolio.

This also comes two weeks after Maguire reported that it had more than tripled its first quarter loss when compared to the same period a year earlier.

Maguire is downtown L.A.’s biggest landlord. Shares in Maguire Properties were up 10 cents to $15.30 in early trading Monday.