“I'm taking this job on with mixed emotions,” says Pat Donahue from his cell phone during a visit to several of Donahue Schriber's properties in southern California.
The Costa Mesa, Calif., developer, founded by Dan Donahue and current chairman Tom Schriber and converted to REIT status in 1997, announced that Pat Donahue would succeed his brother Dan as president and COO. “What gets me through is that my promotion is part of a succession plan put together last year by Dan and Tom Schriber and approved by our board. I'm very respectful of their confidence in me.” Dan Donahue died on New Year's Eve 2002 from complications following heart surgery.
Pat Donahue joined the firm fresh out of college 24 years ago. He worked mainly under Schriber, “to keep brothers apart,” and learned all aspects of the business from leasing to asset management to development.
He was executive vice president of asset management, with responsibility for the company's 67 operating properties. Don't expect to see any drastic changes, he says: “Donahue Schriber's goals are no different today than they were on Dec. 31.”