San Diego Business Journal

REIT Changes Leaders, Plans Stock Delisting

By Lou Hirsh Tuesday, March 27, 2012

Pacific Office Properties Trust Inc. is shaking up its top leadership, effective March 29, and will soon delist its stock from the NYSE Amex exchange, according to a recent government filing by the San Diego-based real estate investment trust.

Lawrence J. Taff, previously an executive vice president, has been appointed president, CEO, chief financial officer and treasurer, according to a March 20 company filing with the U.S. Securities and Exchange Commission. Kimberly F. Aquino will be the new vice president and corporate secretary.

Company officials could not immediately be reached for comment. The SEC filing noted that the appointments were made by the company’s board of directors March 15, following the resignations of President and CEO James Ingebritsen, CFO and Treasurer Michael Burer, and Chief Investment Officer Matthew Root, effective March 29.

Pacific Office Properties said Ingebritsen also resigned as a board member. The filing said Ingebritsen’s resignations were connected with the expiration of his employment agreement and cost-saving objectives of the company, and “not due to any disagreement on any matter” relating to company operations.

Pacific Office Properties, traded under the symbol PCE, said it has notified NYSE Amex that it expects to cease trading on the exchange on or about April 5. The company anticipates that its common stock will begin trading on the OTC Marketplace after that date.