OTHER NEWS - Feb. 23, 1994
From Times Staff and Wire Reports
Catellus CEO Resigns: Catellus Development confirmed published reports that Chairman and Chief Executive Vernon B. Schwartz has resigned but will stay on until June 30 to “ensure a smooth transition” for a successor. The head of the San Francisco-based real estate development firm was under fire from the California Public Employees Retirement System, which owns 46% of Catellus stock. CalPERS invested $400 million in equity to help start up Catellus in 1989 and had seen its shares decline in value by more than 75%. Catellus also announced the resignations of two board members: Rod F. Dammeyer of Itel Corp. and Randall K. Rowe of Equity Financial & Management Co.
