Timing key to Cousins Properties CEO's decision to retire

Bell announced Monday that he'll retire at the end of the month. A civic mover-and-shaker, he'll hand the reins to Larry Gellerstedt III, 53, who is equally well-known in both real estate and civic circles.

Cousins, a 51-year-old real estate investment trust named for founder Tom Cousins, has been involved in some of metro Atlanta's signature building projects. They include the 55-story Bank of America Plaza in Midtown and the Terminus mixed-use project at Peachtree and Piedmont roads in Buckhead. Cousins is headquartered at the One Ninety One Peachtree Tower highrise downtown.

The company has been buffeted by the real estate downturn but has managed to stay in the black, according to Hoovers business profiles. Cousins shares, which closed Monday at $10.01, traded around $40 in early 2007.

Gellerstedt, currently president and chief operating officer, will keep the title of president but will not be board chairman. S. Taylor Glover, a Cousins board member who is chief executive officer of Turner Enterprises, which oversees Ted Turner's landholdings and other interests, will be a non-executive chairman of the board.

Bob Voyles, president of Atlanta-based development company Seven Oaks, said Bell was a good leader and he expects Gellerstedt to be up to the task of guiding the firm through bumpy times and maintaining its place in the civic realm.

"He shares, what I call, the Cousins' model for civic involvement," he said. "[With] that and his real estate skills, I think he will do an exceptional job."

Bell, in an interview, said he is retiring from Cousins but not from business in Atlanta.

"I promised my wife and family that I am not even going to think about doing anything until the fall," he said. "After that we'll see what comes up. I will definitely do something."

Sam Massell, president of the Buckhead Coalition and a former mayor of Atlanta, said he expects Bell to remain involved. He is vice chairman of the board of the Georgia World Congress Center, among other positions of note.

"We look to him for guidance and assistance when needed," Massell said. "I think he will continue his role in the civic life of Atlanta. He just joined the board of our Community Improvement District. I know he'll stay active, and do more than just golf."

Massell and others suggested Bell might aspire to a political office such as Atlanta mayor or governor. Bell gave no indication of plans in that direction. He also said he won't stay at Cousins in any capacity after retiring.

"I just don't believe in it. I've been there and done that. I've been the COO who became the CEO, while the old CEO is on the board and chairman or something, and it's just uncomfortable," he said.

Gellerstedt is the son of the late Larry Gellerstedt Jr., who built the Beers Construction firm into a powerhouse. The younger Gellerstedt also ran Beers for a time, but he was applauded in the late 90s for stepping away from corporate life to deal with severe clinical depression. Other executives said his openness inspired them to get help.

He returned to run The Integral Group, an urban mixed-use developer, and then started The Gellerstedt Group in 2003. Cousins bought the firm in 2005, bringing Gellerstedt into its fold. He became part of a succession plan that was put into place three years ago, Bell said.

Gellerstedt said he feels Cousins is in a good place and is excited about the opportunity to lead the company.

"We're not under the stress or distress that many of our peers are," he said. "We're traditionally a very conservative company, so we're doing all right, comparatively."