New York City -- Forest City Enterprises announced Tuesday that, as part of the company’s succession planning process, current president and CEO Charles A. Ratner will become chairman of the board, and will be succeeded as president and CEO by David J. LaRue, currently executive VP and COO.
The changes will be effective following Forest City's annual meeting of shareholders on June 10.
Concurrent with the CEO succession, current co-chairmen Albert B. Ratner and Samuel H. Miller will each become co-chairman emeritus and will no longer serve on the board. Both will remain active in their respective areas of the business.
"David LaRue is an experienced and visionary leader with the broad strategic, operational and financial acumen to direct Forest City in the next phase of its growth and evolution," said Ratner, 69.
Ratner noted that LaRue will be the first chief executive in Forest City's 90-year history, including 50 years as a publicly traded company, who is not related to the founding family.