Ryan Cos. will no longer be led by a Ryan family member
Ryan has led the company since 2008, a time when it spearheaded redevelopment of the east side of downtown
He will become chairman of the board of directors for the firm, succeeding
In a statement, Ryan said, "I warned my colleagues that they can expect to see my face around the office for a long time to come, but I'm also planning to spend more time with my family."
Murray, who joined the company in 2009, has helped lead Ryan's day-to-day operations for the last five years.
"It's a tremendous honor to take on an expanded leadership role at Ryan and to follow in the footsteps of a great leader like Pat," Murray said in a statement. "This is an important time for our company as we look ahead to future opportunities. In a world where the pace of change is accelerating, we need to innovate and change while maintaining our strong culture."
In a recent interview with the
"When you are an owner of a company and an operator of a company, you don't have to quit," he said. "You just have to be smart enough to let go at the right time."
Tuesday's announcement of the leadership changes is part of a company succession plan formulated over several years. Another co-owner,
"We [have] a great team," Ryan said in March. "The fact of the matter is I can be hit by a bus tomorrow and the company wouldn't miss a beat. ... I don't believe in legacies. There's a company legacy. Nobody should have a personal legacy. Politicians can do that."
Ryan will remain involved in the company and focus on helping in capital markets and real estate development as well as spending more time with key customers.
Founded in 1938,
In March, the company unveiled plans for a condo tower called Eleven on the River that would be built in the
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