Pacific Gulf Head to Retire; Successor Picked

Pacific Gulf Properties Inc.’s chairman, Royce B. McKinley, will retire Jan. 1.

Glenn L. Carpenter has been named to succeed McKinley as chairman of the Newport Beach company, which specializes in apartment and industrial properties in Southern California and the Pacific Northwest.

Carpenter will retain his current titles of president and chief executive, positions he has held since the company was formed in 1993. McKinley will remain on the board as chairman emeritus.

The company also said Tuesday that directors had raised the quarterly dividend by 1 cent to 40 cents a share, payable Jan. 10 to shareholders of record Jan. 2.