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The Irvine Company’s Clarence Barker to Transition from President, Investment Properties Group, to Part-Time Special Advisor to Chairman Donald Bren

Richard Gilchrist tapped as new head of the Investment Properties Group; Val Wheeler replaces him as president of the company’s office division

Chairman Donald Bren notes Barker’s “remarkable and almost unrivaled” record of accomplishment during a 20-year career at the company

Clarence Barker, a 20-year veteran of The Irvine Company and president of its Investment Properties Group, has decided to transition out of his current position and into an advisory role to Chairman Donald Bren in order to devote more time to a variety of personal interests.

During the next six months, Barker will help guide the transition of the Investment Properties Group (IPG) and will join Bren and Vice Chairman Michael McKee on the company’s operations committee, which oversees all of the company’s business units. He also will continue to oversee the resort division. In July, Barker will become a special advisor to the chairman and work on several major projects including the completion of The Resort at Pelican Hill.

Rick Gilchrist, president of Office Properties, will succeed Barker. In turn, Val Wheeler, executive vice president of asset management for Office Properties, will move into Gilchrist’s role.

In a memo sent to employees on Friday, Bren praised Barker’s leadership, noting he has shaped many of the most significant investments in the company’s recent history.

“His steady hand, insight and unmatched temperament have guided that organization to substantial accomplishments,” Bren wrote. “Clarence tells me he isn’t really “retiring” or heading to another job in real estate. Rather, he says he and his lovely wife Eve have a long ignored personal “to do” list that will get their immediate attention.”

As president of the Investment Properties Group, Barker has been responsible for the office, retail, apartment and resort divisions.

“I feel profoundly privileged to have served this company and contributed to so many remarkable projects,” said Barker. “After 20 years, I am looking forward to remaining involved with the company on a part-time basis, while having the added time to pursue some long-held dreams.”

The Irvine Company is a 140-year-old, privately held real estate investment company best known for the balanced, sustainable communities it has created on the Irvine Ranch in Orange County, Calif. The company’s investment properties are located in Orange County, San Diego, Silicon Valley and Los Angeles. The portfolio includes approximately 400 office buildings, 40 retail centers, 80 apartment communities, two hotels, five marinas and three golf clubs.