Kelly Doran, one of the Twin Cities' biggest multifamily housing developer-owners of the last decade, has sold majority interest in Doran Cos. to two younger executives.
Chief Operating Officer Anne Behrendt, 40, who began with Doran in 2011 as general counsel, has acquired a 51% stake from Doran and has succeeded him as CEO.
Chief Financial Officer Ryan Johnson, 37, has acquired a 24.5% stake. Doran retains a 24.5% stake.
Doran, 61, who has overseen $1 billion-plus in projects since 2009, started thinking about succession planning after a 2017 bout with early-stage lung cancer.
That "morphed into a desire to ensure Doran Cos. can grow beyond me and into the next generation," Doran said. "Anne and Ryan have been my partners during our record growth and we simply wouldn't be where we are without their leadership and involvement."
In an interview last week, Doran said elevating Behrendt to CEO means he no longer has responsibility for overseeing 200 employees at Doran Cos. who work in development, architecture, construction and property-management businesses. Doran contracts for construction labor.
Doran will focus on developing projects in which he also will be an investor. Doran and his wife, who live in Doran's Mill and Main apartment complex on the east bank of the Mississippi River near Downtown, also plan to travel more and step up their philanthropy.
"I'm not going to worry anymore about bidding health insurance or completing a 'punch list' with 99 million items on it," he said.