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Since its spinoff from Home Properties Inc. in late 2000, Conifer Realty LLC has maintained a heavy and steady stream of growthjumping from 40 employees and no properties to 400 staffers and 8,000 apartment units spread over four states.
This week, one of the three original partners that purchased Conifer in the management-led buyout succeeded another one of those partners, Richard Crossed, as president and CEO of the housing development company.
Timothy Fournier now leads the company; Crossed remains chairman and managing partner.
"It's a planned transition as Dick Crossed is planning to scale back his level of involvement," said Fournier, who moves up from executive vice president and chief operating officer.
The two men have been working together for more than 20 years, Crossed said, calling the move in the company's succession plan a natural one.
"The company is well-positioned to continue to grow, and he's exceedingly capable of doing that:' said Crossed, who owes much of the company's success over the last five years to the company's focus on affordable housing and to Fournier himself.
So long as Fournier maintains that focus, he will do well, Crossed said.
"This business is very complicated and competitive, and we've...