PS Business Parks Inc., the Glendale investor in office and industrial parks, announced Monday that its chief financial officer will step down.
Edward Stokx, who also acted as an executive vice president, has resigned and will leave Aug. 31, the company said. PS Business Parks did not give a reason for his departure.
“We want to thank Ed for his contributions to our company during his tenure and wish him the best in his new endeavors,” Maria Hawthorne, PS Business Parks’ chief executive, said in a statement.
PS Business Parks will pay Stokx $1.5 million as consideration for making certain agreements regarding his departure, the company said in a filing with the Securities and Exchange Commission.
Hawthorne will act as principal financial officer and principal accounting officer until Stokx’s position is filled, the company said.
PS Business Parks (PSB) shares fell $1.59, or 1.19 percent, to close Tuesday at $131.92 on the New York Stock Exchange.