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Federal Realty CEO resigns

Federal Realty Investment Trust CEO Steven Guttman has resigned his post, four months ahead of schedule. The company has appointed Donald C. Wood as president and CEO to replace Guttman, who was also a trustee and chairman of the board. Guttman joined the Rockville, MD.-based REIT in 1972, and he was responsible for spearheading the $500 million Santana Row mixed-use complex in San Jose, Calif. The ultra-luxe project was planned during the height of Silicon Valley, and in the wake of the bust, its costly elaborateness has been subjected to increasing criticism.

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