The CEO of a real estate investment trust that owns and operates 64M SF of open-air shopping centers across the country is temporarily stepping down for health reasons.
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Brixmor Property Group CEO James Taylor Jr., who has been at the helm of the New York-based REIT for nine years, is taking a medical leave of absence effective immediately, the company announced Thursday.
Brixmor’s board of directors appointed President and Chief Operating Officer Brian Finnegan to serve as interim CEO. It is unclear how long Taylor will be out of his role.
"The Company extends our best wishes to Jim and we have full confidence that Brian and the rest of the seasoned management team will continue to successfully execute on the Company's business plan," Brixmor Board Chair Sheryl Crosland said in a statement.
Brixmor's stock price was down 1.1% in trading early Thursday afternoon, compared to the overall FTSE Nareit index, which was up a half-point.
This is the second time Finnegan, who has served as president and COO since July 2024, has stepped in for Taylor. The CEO took a monthlong medical leave of absence between April and May of last year.
"Thursday morning's announcement that well regarded CEO Jim Taylor is taking his second medical leave in 1.5 years is surprising, but once again highlights the strength of the team he has fostered," analysts from Piper Sandler wrote in a note to investors. "We have no worries about the team's ability to make Jim look good, while he is on the DL."
Taylor has been in the industry for more than 20 years, and has also served as senior managing director and head of real estate investment banking at Eastdil Secured and Wells Fargo. He joined Brixmor as CEO in May 2016 and also served as president from 2016 to July 2024.
Brixmor, which owns more than 340 shopping centers, reported net income of $85M in the second quarter, up from $70M a year prior. Its portfolio was 94.4% leased, down from 95.6% in Q2 2024, although it raised its earnings guidance going into the back half of the year.
The company plans to release its third-quarter earnings later this month. Its share price is down 3% so far this year.
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