Warehouse owner Rexford Industrial Realty Inc. said it will replace top executives and adopt a new capital allocation strategy after Elliott Investment Management built an active stake in the company.
Rexford’s current chief operating officer, Laura Clark, will become chief executive officer on April 1, according to a statement Tuesday. She will replace co-CEOs Michael Frankel and Howard Schwimmer.
In a separate statement, Clark said the company would seek to maximize returns by selling assets and reinvesting the proceeds into high-yielding projects and share repurchases.
In August, Bloomberg reported that Elliott had taken an activist position in Rexford, which ...
