Thomas Properties Group Inc. on Wednesday announced several succession-oriented management moves, including the promotion of Paul Rutter and John Sischo to the new positions of co-chief operating officers.

Both Rutter, who has been with the company since 2008, and Sischo, who joined in 2004, were executive vice presidents, said the Los Angeles company, which owns and manages commercial and residential properties around the country.

“This leadership progression is part of the board’s succession plan,” said Chief Executive Jim Thomas in a statement. “As co-chief operating officers, Rutter and Sischo are well positioned to lead our team in taking advantage of opportunities in the marketplace.”

In addition, the responsibilities of Todd Merkle, a senior vice president, have been expanded to include the duties of chief investment officer.

Shares were up 5 cents, or 1 percent, to $3.97 in midday trading on the Nasdaq.