Developer Terry Stiles will hand over CEO duties of his Fort Lauderdale-based firm to his son, Ken, by mid-2017.
Terry Stiles, who has led the Stiles firm for 44 years, will stay on as chairman and remain active in the company's operations. He now is chairman and CEO.
Meanwhile, President Doug Eagon will become vice chairman by the middle of 2016. Eagon will be succeeded by Scott MacLaren, president of Stiles' North Carolina operations.
Terry Stiles, 67, said in a statement Wednesday that he has been developing a succession plan for 10 years.
"Ken and Scott are deeply committed to the vision and business strategy that has fueled our success over the years, and we are extremely confident this plan will solidify the leadership of the company for decades to come," Terry Stiles said.
The Stiles firm says it has handled more than 43 million square feet of office, industrial, retail and mixed-use residential projects across the Southeast. The firm, which employs 350 people, built the former world headquarters for Blockbuster Entertainment and the Bank of America Plaza at Las Olas City Centre, along with the 380-unit Sunrise Harbor rental project.
Ken Stiles, 34, currently is an executive vice president.
"I have had the benefit of growing up in this business, watching and learning from the very best in this industry," he said in a statement.
Terry Stiles was 23 when his father, Howard, died of a heart attack in 1971. Terry took over the company, though he said in a 2006 interview that he seriously considered becoming a canoe guide at the then-newly opened Walt Disney World because he wanted security and health benefits.
Alan Hooper, another Fort Lauderdale developer, said he considers Terry Stiles a role model, pointing out that he is active in the community and highly regarded in the development field.
"He is what people aspire to be in my business," Hooper said. "If all developers acted as he did, nobody would look at developers in a bad light."
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Terry Stiles to Anoint Son as CEO of Development Firm
Posted on 3/18/2015