© Reuters.
VIRGINIA BEACH, Va. – Armada Hoffler Properties, Inc. (NYSE: NYSE:) has announced the appointment of Shawn Tibbetts as President, effective immediately. Tibbetts, who has been the company’s Chief Operating Officer since 2019, is set to succeed Louis Haddad as Chief Executive Officer following Haddad’s expected retirement in the spring of 2025.
The company’s Board of Directors, after years of succession planning, has expressed confidence in Tibbetts’ ability to lead the real estate investment trust (REIT) to further growth. During his tenure as COO, Tibbetts has been credited with increasing the company’s portfolio net operating income by 45% and overseeing transactions exceeding $1.2 billion.
Tibbetts’ promotion is part of a broader leadership transition at Armada Hoffler. In June 2024, founder Dan Hoffler is slated to step down as Board Chairman, with Haddad anticipated to take over the role. Haddad will remain CEO until he transitions to Executive Chairman, a position he is expected to hold for approximately one year. The changes are subject to shareholder approval at the 2024 Annual Meeting of Stockholders, where Hoffler is also expected to be named Chairman Emeritus.
Tibbetts brings over two decades of corporate experience to his new role, including a previous position as President and Chief Operations Officer at The Port of Virginia. He has also been recognized by Virginia Business and Inside Business for his influence and leadership.
Tibbetts expressed gratitude for the support from the Board and his predecessors and showed enthusiasm for building upon Armada Hoffler’s legacy. The company, founded in 1979, has a significant presence in the Mid-Atlantic and Southeastern United States, specializing in multifamily, office, and retail properties.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Read the full article here
