Franklin Street Plans for the Future

The Wakefield, Mass.-based company is undergoing some major leadership changes.
George Carter, Franklin Street Properties

George Carter, Franklin Street Properties

Boston—Big changes are happening at Franklin Street Properties Corp. Chief Investment Officer Jeffrey Carter, a member of the FSP family since 1998, has been tapped to serve as president. And that’s just the beginning of the list of executive promotions.

The announcements come on the heels of the previously announced retirement of Janet Notopoulos after nearly two decades with the office REIT, so FSP has had to say its goodbyes, too, as it puts a new team in place.

“As FSP’s original founders and other senior leadership retire, our Board of Directors has extended its succession planning to include senior leadership with proven experience from both inside and outside the company to help lead us into the future,” George Carter, chairman & CEO of FSP, said in a prepared statement.

Jeffrey Carter won’t be bored. In his new role—a job George Carter, his father, had been performing—Jeffrey Carter will be hands on every day, spearheading the implementation of the REIT’s strategic objectives and business plan. He’ll have his hands full, as he’ll also continue to occupy the position of chief investment officer.

Another longtime FSP executive, namely Vice President John Donahue, is moving up the ladder. Donahue, who joined the company 15 years ago, will step into Notopoulos’ shoes as executive vice president. And like Carter, he’ll multi-task roles, also assuming Notopoulos’ previous position of president & CEO of FSP Property Management LLC.  Eriel Anchondo, senior vice president of operations, has also been elevated, and it didn’t take long. Anchondo becomes chief operating officer and an executive vice president just one year after coming aboard FSP.

FSP has also given three executives the dual titles of senior vice president and executive vice president of FSPPM: Leo “Toby” Daley, Patricia McMullen and William Friend. Additionally, Andrew Klouse, vice president of finance, has been elected senior vice president of finance & assistant treasurer.

FSP clearly knows the value of promoting from within, and the company certainly understands the importance of succession planning for REITs. As noted in a 2015 report by global advisory services firm EY. “The key to sound succession planning is talent management: creating and implementing policies and programs to identify, develop and, most important, retain people who are best qualified to assume leadership of a REIT.”