LaRue Tapped as New Forest City CEO
- Mar 02, 2011
March 1, 2011
By Allison Landa, News Editor
David LaRue will succeed current Forest City Enterprises Inc. president & CEO Charles Ratner as of June 10, 2011, with Ratner becoming chairman of the board. As part of the succession process, current co-chairmen of the board Albert Ratner and Samuel Miller will each become co-chairman emeritus.
According to Charles Ratner, LaRue’s experience and vision give him the strategic, operational and financial skills to lead Forest City in future growth and evolution. He noted that in 25 years with the firm, LaRue has established a solid track record of performance and accomplishment, and exemplifies the firm’s goals.
For his part, LaRue called the appointment “both extremely gratifying and extraordinarily humbling.” He added that the company is poised to take advantage of a strengthening economy.
This marks the first time in Forest City’s 90-year history that the company has had a chief executive not related to the founding family. Charles Ratner said that shared values count more than lineage when it comes to the definition of family in the industry, and that the Ratners are still committed to Forest City’s success.
Founded in 1920 by Charles, Max, Leonard and Fannye Ratner, Forest City went public four decades later. A national real estate owner and developer, the firm has worked on such high-profile projects as the New York Times building, Tower City Center in Cleveland and Stapleton International Airport in Denver. Its current construction pipeline includes multi-family, retail and mixed-use properties.