United Properties' president and chief executive Frank Dutke plans to retire next year, being succeeded by co-presidents Eva Stevens and Bill Katter, the company announced Thursday.
Dutke, 63, oversaw the Bloomington-based commercial real estate firm during its largest business expansion in the company's 99-year history. United is owned by Marquette Companies, a real estate holding company of the Pohlad family. Once Dutke retires, the co-presidents will report to Bert Colianni, chief executive of Marquette.
Katter and Stevens will be promoted from their current positions as executive vice presidents, assuming their new roles on July 1. Dutke will remain chief executive until his retirement in June 2016. Stevens' new title is president of United Properties Investment and chief investment officer while Katter's title will be president of United Properties Development and chief investment officer.
Stevens will manage the company's existing portfolio of more than 50 properties and business operations while Katter will work on new investment opportunities and manage the firm's development activities, including 3 million square feet currently being developed in Minneapolis, Denver and Chicago.
"This is part of an orderly transition in leadership over the next year," said Dutke, in a statement. "Fortunately, I have two valued, long-term colleagues in Eva and Bill, each with strong expertise and a proven, successful track record in their respective businesses of investment and development."
Dutke has been with United for 23 years, serving as chief executive since 2008. He is a member of the Urban Land Institute Minnesota Advisory Board, NAIOP, the Minnesota Shopping Center Association (MSCA) and is on the board of directors at CornerHouse, a local nonprofit geared at assisting children and vulnerable adults.
