As we begin to commemorate the 25th anniversary of the company, which my partners, John Slidell, Rick Mostyn, the late Bernie Lubcher and I began in 1988, we look to 2013 as a year to celebrate our successes, reflect on our past, and express gratitude to those who have played an integral role in getting us to where we are now. And as we consider our past and look towards our future, I’m reminded of particular moments that became turning points in our company’s history.

Today, I believe we experienced one of those moments. I am writing to share several announcements that will undoubtedly shape the future of the company that makes me so proud.

My first announcement is one that I make with mixed emotions. John Slidell, co-founder and Vice Chairman of The Bozzuto Group, and President of Bozzuto Land Company, will be stepping down from day-to-day operations of the company to have more time to pursue other interests. I am thrilled for my partner and friend of more than 25 years, but we all, and I especially, will miss his daily insight, guidance, wisdom and special brand of wit. I know that all who have met and worked with John over the years join me in wishing him all the best as he transitions into his new role and prepares to experience new adventures.

Secondly, it is with great pride that I announce the promotion of my son, Toby Bozzuto, to the position of President of The Bozzuto Group. Toby, who has been with the company almost twelve years (and who has lived with it two-thirds of his life), has shown great leadership in his former role as President of Bozzuto Development Company. While he will continue to play an integral role within that company, he will now assume overall responsibility for the day-to-day direction of The Bozzuto Group.

Thirdly, I am delighted to announce the promotion of Steve Strazzella to President of Bozzuto Development Company. Steve, who has also been with us more than a decade, has overseen some of our largest construction and development projects and has been a leader in finding new development opportunities. He has worked very closely with Toby in providing direction to BDC the past few years, and I look forward to watching him continue our legacy of innovation and quality in our new developments.

I have said many times that our people are the foundation of this company, and today I want to recognize the incredible talent and successes of our employees, and particularly those of John, Toby and Steve.

As we transition to a new era of Bozzuto leadership, some things will stay the same. I will remain in my role as Chairman and CEO of The Bozzuto Group and Rick Mostyn will continue in his role as Chief Operating Officer as he has these past five years.

And most importantly, our core values and our vision for the company remain the same. We will continue to be guided by a fundamental belief in Concern, Creativity, Passion and the Pursuit of Perfection. And as always, we remain committed to our goal of being the best real estate company in the country.