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un Communities' CEO Gary Shiffman is stepping down after a 32-year tenure, effective once a successor is found. He will remain on the board and continue as CEO until then. The decision comes just over a month after activist short seller Blue Orca accused Shiffman of undisclosed dealings with an independent board member's family, who is also his step-cousin.

    According to a Securities and Exchange Commission filing, Shiffman informed the board of his intention to retire from the executive role he has held since 1993. The company has established a CEO Succession Planning Committee, which will plan for a smooth transition in collaboration with Shiffman. The committee's charter states that it will ensure an orderly CEO transition.

    The expected hire date for Sun Communities' new CEO is by the end of 2025. In the filing, the company stated that Shiffman's retirement was not due to any disagreement over operations or practices. Blue Orca had accused Shiffman and another board member, Brian Hermelin, of engaging in undisclosed dealings, including a $4 million loan from Hermelin's family used to purchase a luxury home.

    Hermelin chairs the compensation committee and has served on the audit committee for nearly a decade. The company did not immediately respond to Fortune's request for comment. Blue Orca had also accused Sun Communities of underreporting capital expenditures, accounting shenanigans, and reporting failures, citing prior SEC actions against Shiffman and the company.

    Sun Communities' stock is down 6% in the past five days but up over 9% in the past year, with a market value of nearly $17 billion.