The Rouse Co.'s board is expected today to elevate Anthony W. Deering to chief executive officer. He will become the third person in the company's 55-year history to hold that title.
At the same time, analysts anticipate the Columbia-based real estate concern will announce 1994 earnings before noncash charges of just under $80 million, breaking a record $78.3 million reported in 1993. The growth is expected to reflect continued solid earnings in Rouse's retail portfolio.
"I'm both honored and humbled by the role, because I'm following two national figures," Mr. Deering said yesterday. "The Rouse Company has a long tradition of stellar and imaginative management, and I hope to continue and build on that."
Mr. Deering, 50, will assume the chief executive position from Mathias J. DeVito, who in November announced plans to retire after 16 years of leading the company.
Mr. DeVito, 64, will continue as the company's chairman, in much the same way founder James W. Rouse remained with the company after his retirement from active management in 1979.
Since joining Rouse in October 1972 as an associate in its planning department, Mr. Deering has risen through numerous finance-related positions including chief financial officer. He was appointed president and chief operations officer in February 1993.
As chief executive, Mr. Deering is expected to chart a financially conservative course for the company, which controls 200 properties in 24 states and Canada valued at roughly $4.5 billion, and emphasize Rouse's efforts in both new development and acquisitions.
"Tony is very logical, part of a consistent team of ethical and imaginative management that's been in place for years," said Philip J. Ward, senior managing director and head of real estate investments at Cigna Corp., a frequent Rouse lender and financial partner. "And the company is in the best financial shape that it's been in for a long time. I think Tony will do a great job running the company."
In the past year, Rouse has announced plans to begin development of two regional malls in Florida and South Carolina, projects which will costs a combined $150 million.
Additionally, Rouse has been studying acquisitions involving individual shopping malls as well as portfolios of retail properties.