Rexford Industrial Announces CEO Transition; COO Laura Clark to Take the Helm
Rexford Industrial Realty Inc. announced that current co-CEOs Michael Frankel and Howard Schwimmer will step down from their leadership roles effective March 31, 2026. Laura Clark, currently the company’s Chief Operating Officer, will assume the role of CEO starting April 1, 2026.
The Los Angeles-based real estate investment trust (REIT) also revealed a new capital allocation strategy aimed at enhancing shareholder value. The leadership transition and strategic shift follow reports that activist investor Elliott Investment Management has taken a significant stake in the company.
Clark joined Rexford in 2020 as Chief Financial Officer and was promoted to Chief Operating Officer in 2024. Frankel and Schwimmer, who have jointly led the company, will continue to serve on the board until their terms expire in 2025.
“This transition is the culmination of the Board’s multi-year succession planning process that will ensure a seamless handoff of leadership responsibilities,” said Tyler Rose, Chairman of the Board. “The Board is confident that Laura is the right executive to lead the company through the execution of its go-forward strategy. She has demonstrated exceptional strategic vision and a passionate commitment to operational excellence, financial discipline and team building.”
As part of its new strategic plan, Rexford will reduce its exposure to ground-up development projects, establish a programmatic disposition initiative, and benchmark new investment opportunities against the risk-adjusted returns of share repurchases. The company also intends to drive significant general and administrative cost savings and add an independent board member by the end of 2025.
Elliott Investment Management has expressed strong support for the changes.
“We commend Rexford Industrial for taking today’s decisive actions, including the announced CEO transition and other tangible steps to improve operational efficiency, refocus capital allocation and enhance governance and oversight,” said Marc Steinberg, Partner at Elliott. “As one of the company’s largest investors, we believe these bold actions position Rexford Industrial well for this next stage in its evolution. We appreciate the collaborative discussions we’ve had with management and the board, and we believe the company is on a trajectory to deliver significant long-term value for shareholders.”
