Changes Afoot at Equity LifeStyle Properties
Real estate tycoon Sam Zell may soon tap the top executive at one of his residential real estate companies to replace the chief executive of Zell’s international business, The Wall Street Journal reported.
Zell is expected to recommend this week that Thomas Heneghan, chief executive of Equity LifeStyle Properties, succeed Gary Garrabrant, who was chief executive of Equity International as well as co-founder of that company with Zell.
Ultimately it will be up to investors in Equity International’s most recent fund to decide whether to approve Heneghan. Given the recent management shake-up, investors also could decide to make other changes to the fund or shut it down.