Ronald Rubin, a longtime commercial real estate power broker and a partner in the stalled Foxwoods casino project, is stepping down as chief executive of Pennsylvania Real Estate Investment Trust (PREIT).
He will be replaced by one of his leading executives, Joseph F. Coradino, the Center City-based company said Friday morning.
Coradino, 60, is set to succeed Rubin, 80, on the day of the company's annual shareholder meeting, June 7. Rubin will stay on as executive chairman of the enterprise, which purchased many of the region's most recognized shopping malls about 15 years ago, including ones in Cherry Hill, Willow Grove, Plymouth Meeting and Moorestown.
In the past, Coradino has said he views Rubin as a mentor, despite his own long career managing, developing and leasing commercial real estate. The succession plan was in the works for some time.
"Joe Coradino has been a highly valued member of our management team for more than 30 years and is one of the most talented and effective executives in the commercial real estate industry today," Rubin said in a statement released by the publicly-traded company.
"As we work to further build our leadership position in the shopping center industry, Joe is the ideal person to head PREIT," Rubin said. "Our Board of Trustees and management team look forward to a seamless transition and to supporting Joe as our new chief executive."
Coradino has been a leading force behind PREIT's efforts in recent years to pour hundreds of millions of dollars into redeveloping some of its malls in the area in an effort to then boost rental rates and attract deeper-pocketed retailers as long-term tenants.
With Rubin remaining on in a prominent board role, his influence was not expected to wane considerably. Coradino had been with PREIT and a predecessor company for three decades.
"As we welcome Joe to this new role, we also thank Ron for his many years of exceptional, distinguished service to PREIT and the ongoing role he will play in shaping the company's next chapter of success," said board member Ira Lubert.
Coradino said it was "an honor" to take the helm of the company, whose headquarters are in the Bellevue building in Center City. He echoed Lubert's sentiments about Rubin.
"I am delighted to be able to continue to benefit from the unparalleled expertise and experience that Ron Burin has long brought to PREIT," Coradino said.
Rubin has been CEO of PREIT since 1997, when the trust acquired a company he had founded called The Rubin Organization, where Coradino also worked. PREIT was founded in 1960 and counts 38 shopping malls among its largely Mid-Atlantic commercial real estate holdings.