Stiles, one of the largest real estate firms in Broward County, announced a leadership succession plan that resulted in a new co-CEO.

The Fort Lauderdale-based development, property management and brokerage firm appointed Ken Stiles as co-CEO. He’ll work along side father Terry Stiles, the chairman and CEO. The senior Stiles will transition out of the chief executive role by mid-2017, although he will remain chairman. He’s led the company for over 45 years.

The younger Stiles joined the company 11 years ago and was recently executive VP, where he worked with its investment team.

“This was a major step forward in our succession plan, which we have been developing over the past decade and announced publicly last April,” said Terry Stiles. “We have implemented a conservative growth strategy across the Southeast that is consistent with our goal in becoming a 100-year old company. Our senior management team is deeply committed to our vision and business strategy and we are confident this plan will allow us to continue on that path and grow for decades to come.”

Stiles also promoted Scott MacLaren to president, succeeding Doug Eagon. After 35 years with the company, Eagon has transitioned to vice chair and will step back from day-to-day operations.

MacLaren was previously the head of Stiles’ North Carolina operations. He joined the company in 1999.

“Scott is a proven and effective leader,” Eagon said. “Under his management, we achieved our expansion goals in North Carolina, which was an entirely new territory for Stiles and Scott, all while positioning our company for further growth throughout the Southeast. This was a true test of our abilities and Scott was integral to moving that initiative forward successfully. I have no doubt that both Ken and Scott will help Stiles to reach new heights.”

Stiles is ranked in many real estate categories in the South Florida Business Journal’s 2016 Book of Lists. It was 2nd in commercial property management firms with 13.8 million rentable square feet under management, 3rd in commercial real estate developers with 613,272 square feet developed, 5th for general contractors with $210.6 million in gross billings, 20th in commercial real estate brokerages with $151.2 million in sales and leases, and 29th in private companies with $228.3 million in revenue.

“To echo my father, I believe the diversity of our business structure combined with our core values is the key to our success,” said Ken Stiles. “I look forward to continuing on that course, leading alongside Terry, the executive team and Scott.”