Prudential Real Estate Investors (PREI), a branch of Prudential Financial (NYSE:PRU), announced yesterday that it has appointed a new CEO in Eric Adler, the company's current Chief Investment Officer. Adler will succeed Allen Smith, who, after 26 years with the company, has chosen to step down and become president and CEO of Four Seasons Hotels and Resorts.

Adler joined PREI in 2010 as the head of its European operations, and was promoted to CIO in January 2013. In that position, he has served on PREI's Global Operating and Global Management committees, as well as chairing the Global Investment Committee.

Prudential's CEO of Investment Management, David Hunt, was quoted as saying he believes Adler has "proven himself a terrific leader, working closely with Allen to position the firm for growth around the world... I am thrilled to have the depth of management talent that enables us to continue to build our business."

At Four Seasons, Smith replaces Kathleen Taylor, who announced in February that she would be leaving the company after nearly 25 years there, including three as CEO. He'd been Prudential Real Estate's CEO since 2008.

-- Material from The Associated Press was used in this report.