The Michaels Organization, a national leader in residential real estate, announced that CEO John J. O'Donnell has taken a leave of absence.
O’Donnell, 61, is stepping away “to focus on vigorously defending himself against allegations announced in an indictment on June 17, 2024, by the New Jersey State Attorney General,” said the company in a statement.
Mark Morgan, who has served Michaels for more than 35 years, most recently as chief operating officer, has assumed the CEO role, effective immediately. Joe Purcell, chief financial officer for more than 20 years, will continue in his current position.
"John O'Donnell has been a trusted colleague and industry leader for more than 30 years and has our organization's full support during this difficult time," Morgan said. "Our organization’s focus remains, as always, on our mission of crafting housing solutions that jump-start education, civic engagement, and neighborhood prosperity, and on creating communities that lift lives.”
The indictment does not name The Michaels Organization as a company and is limited in scope to two properties along the Camden Waterfront: one office tower and one market-rate apartment community, said the firm.
Read More
