Peterson Cos., one of the D.C. area's largest development companies, is shaking up its leadership structure.

Milt Peterson, who founded the company in 1965, is taking a less active role as chairman and principal, while two of his sons, Jon and Rick, were elevated to top leadership positions.

The company is changing its organizational structure, with one executive committee that will manage its real estate holdings and one that will control its non-real estate investments, plus a governing board that will oversee the entire organization.

Jon Peterson has been named CEO and chairman of the real estate executive committee. He began his career with the company 32 years ago in the commercial office division. Peterson's massive D.C.-area portfolio includes Maryland's National Harbor and Downtown Silver Spring, Fairfax County's Fair Lakes Shopping Center and Loudoun's Commonwealth Center and Avonlea.

"For more than 30 years, I’ve worked alongside and learned from some of the smartest minds in our business, and that has prepared me for the role I take on today,” Jon Peterson said in a release. “Peterson Companies has a 53 year track record of success, and I look forward to leveraging the expertise of our internal teams and the perspective of our governing board members to lead us into the next 50 years.”

Rick Peterson will serve as chairman of the board that oversees the company's non-real estate holdings. He has been with the company for 27 years, serving as chief financial officer and chief operating officer of its asset management division. The company's investments include Vizuri Health Sciences, a consumer healthcare company, and National Geographic Encounter: Ocean Odyssey, an immersive digital experience in New York's Times Square.

The company's governing board will include Jon and Rick Peterson, plus Foulger-Pratt Chairman Bryant Foulger and Inova Center for Personalized Health CEO Todd Stottlemeyer.

CORRECTION, MARCH 7, 2:40 P.M. ET: The Peterson Cos. Governing Board will include Jon and Rick Peterson, but not Milt Peterson, as a previous version of this story incorrectly stated. The story has been updated.