No Commitment Yet on CEO Shift at ELS
Equity LifeStyle Properties Inc. (ELS), founded by Sam Zell, said its chief executive officer hasn’t made any commitments to become CEO of Equity International, another firm started by the billionaire investor, Businessweek reported.
Zell plans to recommend Equity LifeStyle’s Thomas Heneghan for the CEO position at Equity International after last month’s departure of Gary Garrabrant from the closely held global real estate investment firm, the Wall Street Journal reported yesterday. Heneghan told Chicago-based Equity LifeStyle Properties Inc., which owns RV and manufactured home communities, that he hasn’t committed to taking the new post, the company said in a statement on Monday.
“Even if my role as CEO changes, given my strong relationship with our chairman I expect to be able to continue contributing to the company’s success in the future as a member of the board,” Heneghan said in the statement.
Zell and Garrabrant founded Equity International in 1999 to invest in real estate in fast-growing emerging markets. The company has teamed with local operating partners on investments in 14 countries, including Mexico, Brazil, China and India, according to its website.
Zell, 71, took over as interim CEO of Chicago-based Equity International after Garrabrant’s departure. Zell also is founder of Equity Group Investments LLC, a private investment firm that’s also based in Chicago and is more than 40 years old.