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VIRGINIA BEACH, Va. – Armada Hoffler Properties, Inc. (NYSE: NYSE:) announces the appointment of Sean Tibbetts as president, effective immediately. Tibbetts, who has served as the company's chief operating officer since 2019, will succeed Louis Haddad when he retires in the spring of 2025.
The company's board of directors expressed confidence in Mr. Tibbetts' ability to lead the real estate investment trust (REIT) to further growth after years of succession planning. During his tenure as COO, Mr. Tibbetts is credited with increasing the firm's portfolio's net operating income by 45% and overseeing over $1.2 billion in transactions.
Mr. Tibbetts' promotion is part of a broader leadership transition at Armada Hofler. Founder Dan Hoffler is scheduled to retire as chairman of the board in June 2024, and Haddad will take over the role. Mr. Haddad will remain CEO until transitioning to executive chairman, a role he will hold for approximately one year. The changes must be approved by shareholders at the company's 2024 annual general meeting, and Hofler will also be named chairman emeritus.
Tibbetts brings more than 20 years of corporate experience to his new role, including his previous role as president and chief operating officer at the Port of Virginia. His influence and leadership has been recognized by Virginia Business and Inside Business.
Mr. Tibbetts expressed his gratitude for the support from the Board of Directors and his predecessor and expressed his enthusiasm for building on Armada Hofler's legacy. The company was founded in 1979 and specializes in multifamily, office and retail properties, with a large presence in the Mid-Atlantic and Southeastern United States.
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