Thomas Schriber -- a co-founder of the Costa Mesa real estate company
that played a major role in the redesign of Fashion Island -- plans
to reduce his activities with the firm at the start of the new year.
Schriber, currently chief executive and chairman of Costa
Mesa-based Donahue Schriber, announced Monday that he intends to hand
the chief executive's post to Patrick Donahue the firm's president
and chief operating officer. He is also the brother of company
co-founder Daniel Donahue, who died in 2002.
Schriber plans to stay with the company as chairman.
"Tom is not retiring; he is simply relinquishing the role of the
day-to-day activities over to me," Patrick Donahue said.
In a phone interview, Patrick Donahue said the move was part of a
succession plan that was conceived in November 2002.
As Patrick Donahue moves up, chief financial officer Lawrence
Casey is slated to become chief operating officer. Vice president of
finance Lisa Hirose is set to replace Casey.
The promotions are a way to reward Casey and Hirose for their
work, Schriber said. He touted the executives as the people to "lead
it [Donahue Schriber] into the 22nd century."
Donahue Schriber, which has been a private real estate investment
trust since 1997, has existed in various forms for 36 years. The
company's specialty is retail properties. According to the company's
website, Donahue Schriber's portfolio includes 70 shopping centers in
the western United States.
In the late 1980s, the firm supervised the implementation of
Irvine Co. chairman Donald Bren's plan to recast Newport Beach's
Fashion Island as a more stylish shopping center. The work included
the installation of fountains, enhanced lighting and signs and adding
more restaurants to the center.
"The center was quite a bit different. It was a 1960s-era regional
mall," said Keith Eyrich, president of Irvine Co. Retail Properties.
In 2002, Schriber and Daniel Donahue won Lifetime Achievement
Awards from the UC Irvine's business school for their work on Fashion
Island and other retail sites.
Before Donahue Schriber stepped in, Fashion Island "was just a
mall. It was a regular old mall," said G. Christopher Davis, real
estate program manager at UC Irvine's Paul Merage School of Business.
Once his workload with Donahue Schriber is reduced, Schriber said
his plans include coaching his grandchildren in soccer and tee-ball
and spending more time with Kidworks, a Santa Ana-based charity that
provides tutoring and preschool classes for children in that city.
Schriber is a member of Kidworks' board of directors.
* ANDREW EDWARDS covers business and the environment. He can be
reached at (714) 966-4624 or by e-mail at