EastGroup Properties announced that its Board of Directors has implemented an executive succession plan, pursuant to which Marshall A. Loeb has been appointed to the positions of President and Chief Operating Officer effective March 1, 2015. Mr. Loeb will become President and Chief Executive Officer January 1, 2016 and will succeed David H. Hoster II, who has been President of the Company since 1994 and its CEO since 1997. Mr. Hoster will remain on the Board and become its Chairman January 1, 2016.

Also, as part of this transition, Leland R. Speed, who is currently Chairman of the Board of Directors, has agreed to remain on the Board as its Chairman Emeritus. Both of these changes are subject to Mr. Hoster and Mr. Speed being reelected as Directors by the stockholders, and elected by the Board to these positions. Mr. Speed has been a Director since 1978, Chairman since 1983 and was Chief Executive Officer from 1983 to 1997.

These changes are the result of a succession plan that the Board believes is necessary to ensure experience, knowledge transfer and continuity. Mr. Loeb, who was with EastGroup from 1991 to 2000, began with the Company as an asset manager and rose to senior vice president after having a variety of responsibilities with the Company. He established EastGroup's western regional office in Phoenix where he oversaw all the Company's real estate activities in the western United States including acquisitions, development, leasing and property operations.

Subsequent to his time at EastGroup, Mr. Loeb served as the Chief Financial Officer of Parkway Properties (2000-2005) and, most recently, as President and Chief Operating Officer of Glimcher Realty Trust (2005-2015).