Boston, MA 04/07/2014 (wallstreetpr) – Boston Properties, Inc. (NYSE:BXP) is an integrated real estate investment trust (REIT). The company recently made a proxy filing which not only revealed a unique leadership arrangement, but also revealed a company doing all that is possible to attain growth and drive value for shareholders.
The company technically has two CEOs. It hired Owen Thomas in March 2013 as the CEO. But Mort Zuckerman who stepped in to fill the CEO position which fell vacant following the unexpected death of co-founder and CEO Edward Linde, has been retained in a position that makes him a co-CEO to Mr. Thomas.
The retention of Mr. Zuckerman was influenced by the company’s board who asked him to advice the new CEO – Mr. Thomas.
According to the latest proxy filing, Mr. Zuckerman didn’t realize bonus reward in 2013, but in total the real estate magnate took home almost $23 million, combining stock and option awards and $1 million base salary. Mr. Zuckerman who is expected to stay at Boston Properties, Inc. (NYSE:BXP) till July, also enjoys company car plus a driver, at a total cost of $271,280.
It seems retaining Mr. Zuckerman as adviser to the new CEO for a little longer, is expected to help the company benefit from the immense experience and expertise of the real estate magnate. The move should then result in Mr. Thomas hitting the road running to drive growth and value for shareholders, having understood the company like the back of his hand.
New CEO compensation
The new CEO Mr. Thomas, having been brought in March 2013, received stock and option awards totaling $4.3 million, bonus of $1.29 million and 2013 salary of $0.56, reflecting is partial work duration in the year. He however reportedly turned down entitlement to a company car in 2013.
To sum up
Boston Properties, Inc. (NYSE:BXP) is keen and perhaps serious about achieving growth and returning big value to shareholders. This can be seen in the manner the company is managing change at the top. Moreover, the company is reported to be circling Ivan Seidenberg to join its board of directors. Mr. Seidenberg was former chairman of telecoms giant Verizon Communications (NYSE:VZ).
