Highwoods names ex-Progress exec to be next CFO

08/11/2014 10:38 AM

08/12/2014 4:55 AM

Highwoods Properties has named a former Progress Energy executive to be its new chief financial officer.

Mark Mulhern, 54, who spent 16 years at Progress before departing the utility after its merger with Duke Energy in 2012, is replacing the retiring Terry Stevens. Stevens, 66, has served as Highwoods CFO for the past 11 years.

Mulhern has been a member of Highwoods Board of Directors since January 2012. He will step down as a director to assume the CFO role.

He comes to the Raleigh real estate investment trust from Exco Resources, a Dallas-based oil-and-gas exploration company. Mulhern was named Exco’s CFO last year.

“We are extremely fortunate to have Mark Mulhern become our new chief financial officer and member of our senior leadership team,” Highwoods CEO Ed Fritsch said in a statement. “With a strong and broad finance background, stapled together with having served on our Board of Directors, Mark is an excellent executive for the role.”

Mulhern was one of three top executives from Progress who resigned after Duke's board fired CEO Bill Johnson upon the completion of the Progress-Duke merger. Johnson had been CEO at Progress and became CEO of the merged utility; he brought in Mulhern and other Progress officials to Duke's executive team with the merger.

Mulhern was CFO of Progress from 2008 to 2012.

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