John A. Kite has replaced his father, Alvin E. Kite, as chairman of Kite Realty Group Trust, the Indianapolis-based developer.
John Kite had been president, CEO and a board member. He has dropped the title of president, and the position has been taken up by Thomas K. McGowan, who had been senior executive vice president and chief operating officer.
Alvin Kite will become chairman emeritus and occasionally offer advice.
KIte Realty shares trade at $3.88 after having peaked near $21 in May last year.