"Laura Clark has led earnings calls before but Thursday's was her first as incoming chief executive of Rexford Industrial. The call began with a pre-recorded personal note from co-founders and co-CEOs Michael Frankel and Howard Schwimmer, who were not on the call. Clark thanked the founders, who she'll soon replace in the Elliott era, but made it clear Rexford's next chapter has begun."
"Earnings were mixed. The real estate investment trust reported losses in the fourth quarter but was still profitable for all of 2025. It blamed losses on sell-offs of several properties along with co-CEO transition costsand we know Frankel and Schwimmer were granted stock awards valued at more than $20 million each. The big payouts made it all the more notable that Clark, on the call, mentioned Rexford was realigning executive compensation with shareholders' expectations."
"The latest proxy shows that Frankel and Schwimmer raked in $13 million in total compensation in 2024, with base salaries of $1 million. Clark's base will be $850,000, per a recent Securities and Exchange Commission filing, and her annual cash incentive opportunities are 25 percent below her predecessors. Elliott's hand in the departures and changes going forward seem clear, including a strategic imperative that has Rexford disposing of real estate and buying back shares."
Laura Clark led her first earnings call as incoming CEO of Rexford Industrial while co-founders Michael Frankel and Howard Schwimmer offered a pre-recorded personal note and were not on the call. Rexford reported mixed results: fourth-quarter losses but profitability for all of 2025. The company attributed losses to property sell-offs and co-CEO transition costs, while Frankel and Schwimmer received large stock awards exceeding $20 million each and $13 million in total 2024 compensation. Clark's base pay is $850,000 with annual cash incentives 25 percent lower than her predecessors. Elliott's influence prompted a strategy focused on disposing real estate and buying back shares, with Clark emphasizing shareholder returns and confidence in the capital-allocation plan.
Read at therealdeal.com
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