JDN Realty Corp. President/Director Resigns

After 20 years with JDN Realty Corp., Elizabeth L. Nichols is resigning as president and director at the shopping center development firm. She steps down as a director Aug. 20 and leaves the president’s post Sept. 1.

Questions on accounting procedures exploded last February into a full-scale, ongoing investigation. But JDN’s CEO Craig Macnab and the board of directors emphasize “the special committee’s investigation found no evidence of wrongdoing or knowledge of any wrongdoing” by Nichols.

The issue revolves around undisclosed compensation arrangements and related party transactions involving two executives. Several of the transactions were approved by former chairman J. Donald Nichols, who resigned in April, as did a second executive.

Discrepancies showed up in leases and real estate sales with Wal-Mart Stores Inc. and Lowe’s, JDN’s largest tenants in its shopping centers.