Equity One's CEO Jeffrey Olson Not To Renew Contract Expiring Dec. 31, 2014

(RTTNews) - Equity One Inc. (EQY), an owner, developer, and operator of shopping centers, announced Wednesday that its Chief Executive Officer, Jeffrey Olson, has informed the company he will not renew his employment agreement, which expires on December 31, 2014.

However, the company said that Olson will continue to serve as Chief Executive Officer through 2014 and will be responsible for carrying out all strategic initiatives currently underway and for facilitating an orderly transition of his role.

The company stated that its board has formed a search committee, led by Chairman Chaim Katzman, to identify the Company's next CEO, and will consider both internal and external candidates.

The company said its board intends to conclude the process expeditiously, consistent with selecting the best possible candidate.