Forest City Realty Trust’s chief development officer Ronald Ratner is leaving the company, the real estate investment trust announced in a filing with the Securities and Exchange Commission Tuesday.
The departure comes as the Ratner family is gradually losing influence at the Cleveland-based company. Ronald Ratner is the son of the company’s founder, Max Ratner, and is the first cousin of Bruce Ratner, who serves as executive chairman of Forest City New York.
In mid-2017 Forest City’s shareholders voted to scrap a dual-share structure that gave the Ratner family outsized influence at the REIT.
This March, the company announced that Ronald Ratner, Brian Ratner and Deborah Ratner Salzberg would leave the company’s board of directors. Brian Ratner and Deborah Ratner Salzberg are the children of Ronald Ratner’s cousin, Albert Ratner.
The company had initially said that Ronald Ratner would remain a part of the management team.
In late July, Brookfield Asset Management agreed to buy Forest City for $6.8 billion. Forest City previously sold most of its stake in the Pacific Park project in Brooklyn and sold the rental tower 461 Dean Street.