Irvine Co. Promotes Vice President

The Irvine Co. on Thursday promoted real estate veteran Joseph D. Davis to president of its residential development subsidiary, Irvine Community Development Co.

The promotion also makes Davis, 47, one of four key Irvine Co. executives closest to the billionaire chairman, Donald L. Bren.

Davis replaces William McFarland, who resigned Wednesday to take over as president and chief executive of the publicly traded Irvine Apartment Communities Inc. real estate investment trust.

As executive vice president at Irvine Community Development for the past year, Davis had reported to McFarland and oversaw many of the activities for which he now has ultimate responsibility, said Larry Thomas, an Irvine Co. spokesman.

“His duties will expand, but there will be no changes in strategies and not much change in the way he does business,” Thomas said.

As president of the Irvine Co. subsidiary, Davis will be responsible for residential development of the 54,000-acre Irvine Ranch. Thomas said that about half the ranch has been developed and that it will take about 30 years to build the rest.

Davis worked for Orange County’s biggest landholder in 1993-94 when he was vice president of land development. He rejoined the Irvine Co. after a two-year stint as chief of operations at the Coto de Caza master-planned community.

Previously, Davis was president and partner of Watt Land Development Co. and a division vice president at Amfac’s home-building company in California.