The Related Companies has a newly-structured executive committee, which sees company founder and CEO Stephen Ross move into the role of executive chairman.
Former president Jeff Blau has ascended to the role of CEO at the company. He’s been with Related for 22 years and had served as president since 2000. Meanwhile, Bruce Beal, Jr. will move into the president slot and Kenneth Wong, who rejoined the company in 2008, has been named COO. Mr. Beal, with Related since 1995, was previously executive vice president.
Mr. Ross said the arrangement will “further optimize” its competitive capabilities and “continue to grow the platform and expeditiously capitalize on new opportunities.”
The company said that Mr. Ross would remain focused on global business strategy and development, while continuing to oversee the development of the 13-million-square-foot, 26-acre Hudson Yards site. This will leave Mr. Blau to oversee the company’s strategic direction and overall management—including potential development opportunities and acquisitions and financings.
“Jeff and Bruce have been my partners for over a decade,” Mr. Ross added, in a prepared statement about the executive shifts. “Related’s vertical integration, talented team of executives and employees and access to capital offers nearly unlimited potential for growth and with the strength of this management team, we will be able to further optimize our competitive capabilities, continue to grow the platform and expeditiously capitalize on new opportunities.”
The moves come as Related works on several high-profile projects in addition to the Hudson Yards, including 30th Street and 10th Avenue, One Madison Park, East 92nd Street and Third Avenue and Hunter’s Point South.