A senior managing director and divisional chief executive officer in Hines’ investment management group is set to retire this month after 24 years with the firm in order to go into business for himself.
A statement from the Houston-based private real estate firm reveals that, effective March 15, Charles Hazen will retire from certain president and CEO positions at Hines. Sherri Schugart has been named as Hazen’s replacement, also effective March 15. She will assume the president and CEO responsibilities for several investment funds sponsored by Hines. Hazen will remain with Hines for one year to serve as an advisor “on various matters within the firm.”
Since joining Hines in 1989, Hazen has managed investment vehicles representing approximately $12 billion of real estate in eight countries and has been involved in raising more than $6 billion from institutional and retail investors globally. Hazen’s decision to retire from Hines was based on his desire to invest personally on a smaller scale.
In a statement, Hazen said: “My career with Hines has been filled with extraordinary people and opportunities that few in the industry get to experience. I will always look upon the past quarter century as the most professionally rewarding time I could have ever imagined.”
Schugart, a senior managing director, previously has served in numerous capacities with Hines since joining the firm in 1995. Most recently, she has served as the chief operating officer for Hines Global REIT, Hines REIT and the Core Fund and the general partner of the advisers of Hines Global REIT and Hines REIT since November 2011.
Hines president and CEO Jeff Hines said: “Though Charles will be missed, the management team he leaves behind is well-positioned for the future. Sherri has been an integral part of these investment funds since their inception. Given that she and Charles have worked hand-in-hand for nine years, we expect the leadership transition to be seamless.”