Equity One, Inc. (EQY), an owner, developer, and operator of shopping centers, reported streamlining its organizational structure to gain efficiencies, enhance the decision-making speed and lower operating costs. The changes would result in the centralization of operations such that all leasing and property management functions would report to Michael Makinen, who was named as Chief Operating Officer or COO.
Most recently, Makinen served as the COO of Olshan Properties, earlier known as Mall Properties, Inc., a privately-held real estate firm with a portfolio of over 16 million square feet of retail, residential and office properties. In his role as COO of Olshan Properties, Makinen headed all aspects of operations, marketing and asset management and improved leasing efficiencies.
Makinen joined Olshan Properties in 2010 having served earlier as the head of real estate and development with several major retailers. He would report to Tom Caputo, President, who has extended his contract with the firm through December 31, 2016. Caputo would continue to oversee acquisitions, dispositions and the joint venture investment platform. The firm's transition to the new centralized operating structure in the next couple of months would lead to the elimination of 14 existing roles, including 3 regional presidents.
Also, the organizational changes contemplate the addition of a new senior vice president of leasing and 3 new leasing positions focused on marketing and leasing the company's current vacancies within the southeast and Florida portfolios. The changes announced today are likely to generate net annual expense savings of some $2 million per annum, excluding one-time costs related to the transition.
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