Cogdell Spencer CEO Frank Spencer plans to step down Oct. 31 but will remain on board

Cogdell Spencer CEO plans to step down Oct. 31

CHARLOTTE, N.C. — Real estate investment trust Cogdell Spencer Inc. said Monday CEO Frank Spencer will step down Oct. 31 but plans to remain a board member if re-elected.

Spencer said in a company statement that he plans to move on to “new challenges.”

“I want to explore new business opportunities, pursue my academic interests and I remain deeply committed to the ministry of the Presbyterian Church,” he said in the statement. The company will begin a search for his successor immediately.

Spencer joined the company, then known as Cogdell Group, in 1996 as chief operating officer and was named president in 1998.

Cogdell Spencer invests in specialty office buildings such as medical offices and ambulatory surgery and diagnostic centers. The company operates throughout the U.S. with regional offices in Charlotte, Washington, Atlanta, Dallas, Denver, Seattle and Madison, Wis.

The company will hold its annual shareholder meeting on Tuesday.

Shares rose 12 cents to $7.70 in Monday morning trading.