CLEVELAND, April 17, 2013 /PRNewswire/ -- Forest City Enterprises, Inc. (NYSE: FCEA and FCEB) today announced that MaryAnne Gilmartin, executive vice president of commercial and residential development, will succeed Bruce Ratner as president and chief executive officer of the company's Brooklyn-based subsidiary, Forest City Ratner Companies (FCRC). Ratner will serve as executive chairman of FCRC. The transition is part of the company's ongoing succession planning and is effective immediately.
"Under the leadership of Bruce Ratner, the New York metropolitan area has become our largest core market and a key component of our overall value-creation model," said David J. LaRue, Forest City Enterprises president and chief executive officer. "He has also built a great team of real estate professionals with expertise in development, operations and management. We are thrilled that MaryAnne Gilmartin will continue this legacy and assume day-to-day leadership of FCRC as president and CEO, and that Bruce will continue to play a key role as executive chairman. I look forward to working with both of them along with the rest of the New York team."
Gilmartin joined FCRC in 1994. During her 18-year tenure, she has played a pivotal role in a number of the company's most highly visible projects in the region, including Barclays Center arena, New York by Gehry at 8 Spruce Street and the New York Times Building. She began her career in real estate in 1986 as a New York City Urban Fellow at the Public Development Corporation.Ratner founded FCRC in 1985 in partnership with Cleveland-based Forest City Enterprises. Under his leadership, FCRC became one of the most active real estate businesses in the New York metropolitan area, developing, owning and operating more than 40 office, retail, hotel, and residential projects, totaling approximately 15 million square feet. In 2006, FCRC became a wholly owned subsidiary of Forest City Enterprises. About Forest CityForest City Enterprises, Inc. is an NYSE-listed national real estate company with $10.6 billion in total assets. The company is principally engaged in the ownership, development, management and acquisition of commercial and residential real estate throughout the United States. For more information, visit www.forestcity.net . SOURCE Forest City Enterprises, Inc.