Ratner will be succeeded by executive vice president MaryAnne Gilmartin, and he will remain chairman of the New York company, according to Crain’s. The transition will take place sometime in the next few months; Ratner, who also owns the Brooklyn Nets, has yet to announce his reason for changing roles.
Forest City Ratner, a subsidiary of Cleveland-based Forest City Enterprises, has had a big year, with the opening of the $1 billion Barclays Center and groundbreaking of the first residential building at the 16-acre Atlantic Yards project, which will ultimately house the world’s tallest modular tower.
Ratner’s replacement Gilmartin became executive vice president for commercial and residential development in 2007. In a September 25th interview with the New York Times, she described Ratner as “a great mentor” who runs the company as a meritocracy.
“There’s never an idea too great, too brave, too audacious,” she told the New York Times. “We only do ground-up and large scale, and I like to say, if it’s not complicated, we’re probably not interested.”
When asked if she could see herself running the company, Gilmartin said, “I do think that I am in a large part driving the business on a day-to-day basis with him and for him. Issues around succession right now are not something we focus tremendously on.”