Inland Real Estate names new CEO, chairman

Retail real estate investment trust Inland Real Estate Corp. said Monday it promoted Mark E. Zalatoris to the position of president and chief executive effective immediately.

Zalatoris most recently served as the company's executive vice president, chief operating officer and treasurer, Inland said.

Zalatoris succeeds Robert D. Parks, who will remain on Inland's board until the company's annual shareholders meeting. Parks has chosen not to stand for re-election to the board, the company said.

The company also said Monday it named Thomas P. D'Arcy as its non-executive chairman effective immediately.

D'Arcy has served as an independent director and member of the audit committee since 2005. He replaces Daniel L. Goodwin, the company's chairman since 2001, who will remain a director, Inland said.

"I enthusiastically endorse the changes announced today," Parks said in a statement released by the company. "Tom and Mark bring years of real estate experience to their new roles and I know their expertise and guidance will be invaluable to the company and our shareholders."

Inland said that Parks plans to remain a significant shareholder and will be available to advise the company in the future.

Inland shares fell 33 cents to close at $16.47.