Sun Communities chief executive and chairman of the board Gary Shiffman is stepping down after helping to establish the predecessor to the publicly traded real estate investment trust in 1975 and running the company since it went public in 1993. Just over a month ago, activist short seller Blue Orca accused Shiffman of taking part in undisclosed dealings with an independent board member’s family. The board member, compensation committee chair Brian Hermelin, is also allegedly Shiffman’s step cousin, per the short report published late September, as Fortune has previously reported.
According to a filing with the Securities and Exchange Commission, Shiffman told the other nine members of the Sun Communities board he wanted to retire from his role as chief executive—but he’ll keep his seat on the board. Shiffman will also remain as CEO until the directors find a successor “to ensure a smooth transition,” the filing states.
