Lehman Brothers’ Owen Thomas appointed as CEO of Boston Properties
Northern, WI 03/12/2013 (gdpinsider) – Boston Properties, Inc. (NYSE:BXP), a real-estate investment trust, announced the appointment of said that Owen Thomas as its new chief executive officer. Thomas will replace Mortimer Zuckerman, who will step down as CEO of Boston Properties.
Owen Thomas, 51, will join Boston Properties’ board, effective April 2, 2013. He is currently the chairman of Lehman Brothers Holdings, Inc.’s (PINK:LEHMQ) board. Thomas has overseen the sale of a range of assets at Lehman Brothers. He also worked at Morgan Stanley for over 20 years.
In addition, Zuckerman will remain as executive chairman of Boston Properties. He was appointed to the role of CEO in 2010, after his business partner and Boston Properties co-founder Ed Linde passed away.
“He [Owen Thomas] is the right person to lead the company for the future and to build on our success,” Zuckerman said.
Boston Properties and Thomas entered into a three-year employment agreement, beginning April 2. He will receive a base salary of $750,000 per year, and his annual target bonus will be 230% of his base salary.
The agreement also allows Thomas to purchase Boston Properties’ shares of common stock at market value with an aggregate value of $1.0 million.
Shares of Boston Properties, Inc. (NYSE:BXP) rose by 1.12% to close at $104.04.