PREIT Executive Chairman to Step Down

Pennsylvania Real Estate Investment Trust (PREIT) Executive Chairman Ronald Rubin will step down from that role effective June 7, the Burlington County Times reports.

He will remain as the PREIT Board of Trustees Chairman, according to the report. As Executive Chairman, he has more of a day-to-day role in PREIT’s operations.

He was named board chair in 2001, and served as chief executive from 1997-2012, according to the report.

He will receive $3.5 million in severance pay, philly.com reports. No reason was given for his resignation.

Under his watch, PREIT invested extensively on renovations to the Cherry Hill Mall. The Moorestown Mall also saw an expansive transformation while Rubin was in charge.

Rubin has served as a Trustee of the International Council of Shopping Centers, co-Chairman of the National Museum of American Jewish History and a Director of PECO Energy Company.

He has also been actively involved with prominent local organizations in Philadelphia, including as a director of the Regional Performing Arts Center, the past chairman of Center City District, the former president of the Jewish Federation of Greater Pennsylvania, and a former director of The Franklin Institute, the Philadelphia Orchestra, and the United Jewish Appeal.