FARMINGTON HILLS, MI—Richard Agree, who has served as head of the family-run Agree Realty Corp. for more than 19 years, has initiated a succession plan by naming his son Joey Agree as the new CEO.

Joey was formerly the president and COO of the Detroit-area retail firm. He will continue to serve as president and as a member of the company’s board of directors. Richard will remain executive chairman of the company’s board.

Richard said he’s pleased to appoint his son to the new role. "Joey's leadership has proven essential as the company continues to grow and execute on its strategy,” Richard said in a statement. “Under his leadership…the company launched its successful acquisition platform and expanded its development capabilities while maintaining a conservative balance sheet that is well-positioned for the future. Both the Board of Directors as well as the management team look forward to a seamless transition.”

Richard had served as CEO since before the company’s initial public offering in 1994. Michael Rotchford, chairman of the nominating and governance committee, said Richard is thanked for his leadership and experience. “His foresight in recognizing the need for an orderly succession plan was essential to the success of this transition," Rotchford said.

The company currently owns and operates a portfolio of 109 properties in 27 states, containing approximately 3.3 million sq. ft. of gross leasable space.