(HOUSTON) – Hines announced today that Charles N. Hazen, a tenured senior managing director and divisional CEO in the firm’s investment management group, will retire from certain president and CEO positions effective March 15th.
Hazen will remain with Hines for a year to participate in and advise on various matters within the firm.
It was concurrently announced that Sherri W. Schugart has been named as Hazen’s replacement, also effective March 15th. She will assume the president and CEO responsibilities for several investment funds sponsored by Hines.
Since joining Hines in 1989, Hazen has managed investment vehicles representing approximately $12 billion of real estate in eight countries and has been involved in raising more than $6 billion from institutional and retail investors globally.
Hazen’s decision to retire from Hines was based on his desire to invest personally on a smaller scale.
“My career with Hines has been filled with extraordinary people and opportunities that few in the industry get to experience.
I will always look upon the past quarter century as the most professionally rewarding time I could have ever imagined.”
Schugart, a senior managing director, has previously served in numerous capacities with Hines during her 17-year tenure. She has been responsible for arranging more than $10 billion of equity and debt capital for several of Hines’ public and private investment funds in the United States and internationally.
She has also had leadership and management responsibilities for product structuring, capital raising, portfolio strategy, asset management, investor relations, finance and accounting relating to certain funds.
“I am very excited for the opportunity to expand my roles at Hines, and I look forward to working with our extraordinary investment management team to maximize our funds’ performance for the ultimate benefit of our investors and shareholders.”
Hines President and CEO Jeff Hines comments, “We very much appreciate the contributions Charles has made to our firm. He has executed his duties with passion, dedication and a commitment to quality, integrity and delivering superior results to our investors, all characteristics that are highly valued within Hines.
Though Charles will be missed, we are fortunate that the management team he leaves behind is a very deep and talented organization and well-positioned for the future.
Sherri has been an integral part of these investments funds since their inception and is perfectly suited to assume chief executive roles.
Given that she and Charles have worked hand-in-hand for nine years to build an extraordinary team, we expect the leadership transition to be seamless.”
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed includes 1,208 properties representing more than 488 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. Currently, Hines manages 379 properties totaling 137 million square feet, which includes 66 million square feet for third parties. With offices in 104 cities in 18 countries, and controlled assets valued at approximately $23.8 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.