John Kilroy to Retire as CEO at Year-End 2023
Board Has Initiated Search for Successor
John B. Kilroy, Jr., Chief Executive Officer and Chairman of the Board of Directors of Kilroy Realty Corporation (NYSE:KRC, ", , Kilroy", , or the ", Company", ))))), today announced his retirement as Chief Executive Officer effective as of the end of the year.
The Company's Board of Directors intends to retain a leading executive search firm to assist in a comprehensive search for the Company's next Chief Executive Officer, which will include internal candidates and external candidates, with a targeted start date of January 1, 2024.
"After almost 30 years as CEO of Kilroy and 50 years in this business, I have decided to retire at the end of this year. We have assembled the greatest team in the business at Kilroy, and together we have built a unique portfolio of premium, state-of-the-art work environments spanning some of the country's strongest markets — in Austin, Texas and on the West Coast, from Seattle to San Diego," said Mr. Kilroy. "I am confident that Kilroy is positioned for future success and that now is the right time to begin a transition to new leadership. As a member of the Succession Planning Committee, I will work with the Board on the search for my successor, and we will remain committed to our strategy, focusing on our three core tenets – best-in-class real estate, disciplined capital allocation and a fortress balance sheet – to deliver value for our stockholders. I am confident that our outstanding team will continue to thrive in this historically turbulent market."
"On behalf of the Board, I would like to thank John for his leadership as CEO since Kilroy Realty Corporation's incorporation in 1996, and before that as CEO of Kilroy Industries beginning in 1991, which has been nothing short of impressive," said Ed Brennan, PhD, Lead Independent Director of the Company's Board of Directors. "Under John's leadership, Kilroy has pursued high-quality growth and driven Kilroy's premium portfolio to comprise 16 million square feet while earning the Company's reputation for its LEED-certified portfolios and award-winning innovation and sustainability initiatives."
Mr. Brennan concluded, "The Board is focused on identifying a CEO successor who can capitalize on Kilroy's strong position and execute on the opportunities ahead to deliver long-term value for our stakeholders. We are confident that Kilroy Realty Corporation's portfolio in premier markets on the West Coast and in Austin, Texas that have the talent base and infrastructure to continuously pursue innovation is uniquely positioned to create value for our tenants, communities and shareholders."
