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June 30, 2014
07:04 EDTEQYEquity One streamlines organizational structure, appoints Makinen COO
Equity One announced that it was streamlining its organizational structure in an effort to gain efficiencies, increase the speed of decision making and lower operating costs. The changes will result in the centralization of operations such that all leasing and property management functions will report to Michael Makinen who was appointed as COO. Makinen most recently served as the COO of Olshan Properties. Makinen will report to Tom Caputo, president, who has extended his contract with the company through December 31, 2016. The company’s transition to the new centralized operating structure during the next two months will result in the elimination of 14 existing positions including 3 regional presidents. The organizational changes also contemplate the addition of a new senior vice president of leasing and three new leasing positions focused on marketing and leasing the company’s current vacancies within the southeast and Florida portfolios. The changes are expected to generate net annual expense savings of approximately $2M per year excluding one-time costs associated with the transition.
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