John Williams, the founder of Post Properties, an Atlanta-based REIT and upscale apartment developer, will resign his title as CEO of the company, effective July 1. David Stockert, the president and COO of Post, will succeed Williams, who will continue to serve as chairman of the company. Stockert, who will remain as president, also is expected to be named a director of Post when he assumes the CEO title, according to the company.
"It’s often said that perhaps the most important responsibility a corporate leader and his directors face is assuring a successful transition, and with Dave Stockert in place, I am confident that we will have discharged that responsibility in the best interests of the company and its shareholders," said Williams in a statement.
Before joining Post in 2001, Stockert was executive vice president of acquisitions and dispositions for Indianapolis-based Duke-Weeks Realty Corp. (now Duke Realty Corp.) From 1995 to July 1999, he served as senior vice president and CFO of Atlanta-based Weeks Corp., which merged with Duke Realty that month.
Williams founded Post in 1971. The company, which went public in 1993, owns approximately 32,400 apartment units in 94 properties, including 2,604 units currently under development.