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Crescent Resources, LLC is a leader in real estate markets throughout southeastern and southwestern United States, establishing a wide range of developments from commercial properties to award-winning residential communities.

Crescent News

CRESCENT RESOURCES NAMES LARRY CORSON CHIEF EXECUTIVE OFFICER

CHARLOTTE, N.C.--Crescent Resources today announced that its Board of Directors has appointed Lawrence A. Corson as President and Chief Executive Officer of Crescent Resources. Mr. Corson will assume the CEO role from Andrew Hede, who is stepping down after having led the company as Chief Restructuring Officer and Chief Executive Officer through its restructuring process. Crescent Resources emerged from Chapter 11 protection on June 9, 2010. Mr. Corson’s appointment will be effective on July 15, 2010.

“I am honored to join Crescent Resources and look forward to working with my new colleagues as the company embarks on this new chapter in its history.”

The Crescent Resources Board of Directors issued the following statement regarding today’s announcement:

“The Board is pleased to welcome Larry to the Crescent Resources team. Larry brings over 25 years of real estate operations and investment experience to Crescent. The fact that Crescent was able to attract such a talented and experienced chief executive is a testament to the strength of our asset portfolio and the attractive opportunities before us. The Board looks forward to working with Larry to grow Crescent’s strong platform and enhance its position as the premier real estate developer in the Southeast. 

We would also like to thank Andrew Hede for his dedication and valuable contributions to the company and for shepherding it through the Chapter 11 process. The company would not have enjoyed such a strong position upon emergence without his leadership.”

Mr. Corson brings significant experience in real estate and operations to his new position. Most recently, he served as Senior Vice President of Hunt Realty Investments, where he created and led a new land development division. Mr. Corson joined Hunt Realty from Westbrook Partners, where he served as Chief Executive Officer of Evergreen Alliance Golf Limited and, before that, as Chief Operating Officer of Terrabrook. Mr. Corson has also held positions at J.E. Roberts Companies/Goldman Sachs, Trammell Crow Ventures and Jones Lang Wootton Realty Advisors.

Mr. Corson serves on the Board of Trustees of Westlake Academy (Texas) and is a member of The Real Estate Council in Dallas and the Urban Land Institute. He received a Bachelor of Science in Accounting from High Point University in North Carolina and a Masters of Business Administration from Columbia Graduate School of Business.

“I am honored to join Crescent Resources and look forward to working with my new colleagues as the company embarks on this new chapter in its history,” said Mr. Corson. “Through the Chapter 11 process, Crescent shed a substantial amount of debt, creating a strong financial footing. That foundation, combined with Crescent’s superior assets, committed shareholder base, talented management team and dedicated employees, positions the company well in a challenging market environment for continued growth and to capitalize on opportunities that may arise.”

Crescent Resources was advised by Korn/Ferry International in the search.

About Crescent Resources

Crescent Resources, LLC, is a land management and real estate development company with interests in 10 states in the southeastern and southwestern United States. Based in Charlotte and established in 1969, Crescent Resources creates mixed-use developments, award-winning country club communities, single-family neighborhoods, apartment and condominium communities, Class A office space, business and industrial parks and shopping centers. Visit www.crescent-resources.com for more information.

Contacts
The Abernathy MacGregor Group
Chuck Burgess / Lex Suvanto
212-371-5999
clb@abmac.com / lex@abmac.com