Alexandria Real Estate Equities, the nation’s largest life sciences developer, will lose half of its dual CEO.
Stephen Richardson, who served as co-CEO at the Pasadena-based real estate investment trust, has stepped down, the San Francisco Business Times reported. His resignation is effective July 31.
His resignation ends a 22-year run with the life sciences development powerhouse.
Richardon’s resignation was announced in a filing with the Securities and Exchange Commission earlier this month as well as in its second-quarter earnings report released this week. According to the filings, he tendered his resignation from all of his positions on July 1.
The reasons given for the departure were listed as “family and personal,” according to the Business Times.
Richardson was appointed to the role of co-CEO in 2018, jointly leading the company with Peter Moglia, who also serves as its co-chief investment officer. The company didn’t say in either filing whether Moglia will become sole CEO.
Richardson began his career with Alexandria in 2000 as its vice president of portfolio services, and served as chief operating officer between 2011 and 2018.
Prior to joining Alexandria, he was responsible for negotiating large-scale technology transactions as a director for CellNet Data Systems between 1993 and 2000.
He also was a director of marketing and leasing for national real estate development company Paragon Group between 1983 and 1993 and worked as a broker with Schneider Commercial Real Estate with a focus on the Silicon Valley.
Alexandria has a sprawling Bay Area portfolio, with a concentration on the Peninsula and San Francisco.
Last month, it inked a deal with Eikon Therapeutics, a biotech firm based in Hayward, to lease 285,000 square feet of office and laboratory space at a new life sciences complex being built across the Bay in Millbrae.
The publicly traded Alexandria Real Estate Equities this week reported a profitable second quarter, with funds from operations of nearly $339 million, or $2.10 per share, the Associated Press reported. Funds from operation, a closely watched measure in the REIT industry, takes net income and adds back items such as depreciation and amortization.
Alexandria had a net income of $269 million, or $1.67 per share, on revenue of $644 million. The company’s shares have dropped 33 percent since the beginning of the year, closing at $150.29 on Monday.
– Dana Bartholomew