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Highwoods Properties Announces CEO Succession Plan
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01/16/2005
RALEIGH, N.C.--March 29, 2004--Highwoods Properties, Inc. (NYSE: HIW) today announced that its Board of Directors has elected Ed Fritsch, currently President and Chief Operating Officer, to the position of Chief Executive Officer effective July 1, 2004. Mr. Fritsch will succeed Ron Gibson, one of the founders of Highwoods, who is retiring on June 30, 2004. Mr. Gibson will continue to serve on the Company's Board of Directors.
Mr. Fritsch, 45, has served as President of the Company since November 2003, and has been the Company's Chief Operating Officer for six years.
Effective with these changes, Highwoods also announced that Mike Harris, currently Senior Regional Vice President, would assume the role of Executive Vice President and Chief Operating Officer reporting directly to Mr. Fritsch. Mr. Harris, 54, joined Highwoods in 1996.
Temple Sloan, Chairman of the Board of Highwoods Properties, said, "Ed has played a leading role in every facet of our business and he has an intimate knowledge and understanding of Highwoods, our industry and the competitive landscape in which we operate. He has demonstrated decisive leadership and, consistent with our succession plan, Ed is the right person to lead Highwoods in partnership with our Board and senior management team."
Ron Gibson said, "I have enjoyed my 26 years with Highwoods and I'm proud of what this team has accomplished. Our Board has focused on succession planning over the past few years and no decision has been more important than this one. I have known Ed for over 30 years, both professionally and personally, and he is the right person for this job."
Mr. Fritsch said, "I am honored that the board has expressed their confidence in me. I have worked closely with Ron and Temple since 1982 as Highwoods has grown from a small, Raleigh-based real estate company into one of the largest owners and operators of suburban office properties in the Southeast with a total market capitalization of close to $3.5 billion. As we move forward, maximizing shareholder value will continue to be our primary goal. As the office market begins to recover, Highwoods has the team and systems in place to capitalize on this turnaround. This is an outstanding Company with exceptional people and I am proud to be part of this organization."
About the Company
Highwoods Properties, Inc., a member of the S&P MidCap 400 Index, is a fully integrated, self-administered real estate investment trust ("REIT") that provides leasing, management, development, construction and other customer-related services for its properties and for third parties. As of December 31, 2003, the Company owned or had an interest in 530 in-service office, industrial and retail properties encompassing approximately 41.7 million square feet. Highwoods also owns approximately 1,305 acres of development land. Highwoods is based in Raleigh, North Carolina, and its properties and development land are located in Florida, Georgia, Iowa, Kansas, Missouri, North Carolina, South Carolina, Tennessee and Virginia. For more information about Highwoods Properties, please visit our Web site at www.highwoods.com.
