February 15, 2024

Armada Hoffler to name Shawn Tibbetts as next CEO

By Robyn Sidersky at Virginia Business

Virginia Beach real estate investment trust Armada Hoffler expects to name Chief Operating Officer Shawn Tibbetts as its CEO next spring, when current CEO Louis Haddad plans to retire. Tibbetts has been promoted to president and will remain COO, Armada Hoffler announced Thursday.

Tibbetts has been COO since he joined the company in 2019 after serving as the Port of Virginia’s president and COO. He spent nine years at the port.

Daniel Hoffler, the company’s founder and executive chairman, will relinquish his chairman role in June, and Haddad will become executive chairman, while remaining CEO, until his retirement in 2025. Pending a shareholders’ vote at the company’s 2024 annual meeting, Hoffler will continue to serve as chairman emeritus.

In his expanded role, Tibbetts will continue to oversee all aspects of the company’s operations, guiding strategic initiatives and fostering innovation, according to a news release from Armada Hoffler.

“Shawn has consistently demonstrated exceptional leadership qualities and strategic vision throughout his time with us,” Haddad said in a statement. “We have full confidence in Shawn’s ability to lead our company to even greater heights. His promotion to president is a well-deserved recognition of his outstanding contributions and will undoubtedly bring continued success to Armada Hoffler.”

Under Tibbetts’ leadership, Armada Hoffler’s portfolio net operating income grew by 45%, and Tibbetts oversaw the execution of more than $1.2 billion in transactions.

“I am honored to assume this role and deeply appreciative of the support from the board of directors, including Dan and Lou,” Tibbetts said in a statement. “I am excited to continue to build upon the incredible foundation Armada Hoffler has established over the past four decades and continue to exceed the expectations of our shareholders.”

Tibbetts earned his bachelor’s in business administration from James Madison University and his MBA from William & Mary, as well as completing the Advanced Management Program at Harvard Business School.

Armada Hoffler is the real estate giant behind Virginia Beach’s Town Center. The firm’s flagship project was built as part of a public-private partnership.  As of last fall, it had 51 large-scale commercial assets and had developed more than $800 million in new projects. It has operations in seven mid-Atlantic states and also provides general construction and development services to third-party clients. It was founded in 1979 by Hoffler.

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