NAREIT Corporate Member Corporate Office Properties Trust (NYSE:OFC) announced Feb. 12 that Roger Waesche will step down as president and CEO in May. He will be replaced by Stephen Budorick, who currently serves as COPT’s executive vice president and COO.
COPT is an office REIT that primarily focuses on government tenants in the national security, defense and information technology sectors.
Waesche has spent more than 30 years at COPT, serving as CEO since April 2012.
“Succession planning has long been a priority for the board, and in Steve we have the ideal person with the vision to lead COPT forward,” said Thomas Brady, chairman of COPT’s board of trustees.
“I am honored to lead COPT as we advance to our next stage of investment and growth,” said Budorick.
(Contact: Sarah Borchersen-Keto at firstname.lastname@example.org)