George Rubin, vice chairman and former president of Pennsylvania Real Estate Investment Trust (PREIT), is stepping down from the firm at the end of May.
According to a filing Tuesday with the Securities and Exchange Commission, Rubin will receive "approximately $2.6 million with his departure."
Rubin, 70, is the brother of PREIT's executive chairman, Ronald Rubin. He has been an officer of the commercial real estate company since 1997, when it merged with the Rubin Organization, a family-owned firm founded by Richard I. Rubin, father to George and Ronald.
George Rubin served as president and secretary of PREIT from 1997 to 2004. He has been vice chair since 2004.
A 1965 graduate of Lafayette College, with a civil engineering degree, Rubin joined his family's firm, then called the Richard I. Rubin Co., in 1970.
He held a variety of posts in the Rubin company before being named president of the firm's leasing and management subsidiary.
The Rubin Organization was purchased by PREIT in 1997 for $260 million. Ronald Rubin, as chief executive officer, took over management of PREIT, which owns 35 enclosed shopping centers, including Cherry Hill Mall, Exton Square Mall, Plymouth Meeting Mall, Willow Grove Mall, and the Gallery at Market East.
PREIT announced late Wednesday that it had signed a lease with Century 21 department stores to secure a new anchor for the Gallery.
George Rubin has been active in civic affairs, while helping to lead PREIT. He is a board member of Elwyn Institute, chairman of the board of Thorncroft Therapeutic Horseback Riding Inc., trustee emeritus of Lafayette College, and former treasurer of the Philadelphia Vietnam Veterans Memorial Committee.
A Vietnam War veteran, George Rubin served in the Army from 1965 to 1969 as a captain in the Corps of Engineers. He earned a Bronze Star and the Army Commendation Medal.
Rubin was appointed by former President George W. Bush to the Veterans Committee on Education.