Changing of the guard at Peterson Cos. as patriarch Milt steps aside

Milton Peterson isn’t stepping down after 53 years of building up Greater Washington, but he is stepping aside.

The Peterson Cos. announced Tuesday that Jon Peterson, one of Milt’s sons, has been elevated to CEO of the Fair Lakes-based company, while Rick Peterson, another son, will serve as chairman of a newly created investment board to oversee the firm’s non-real estate holdings. Both have been with the company for more than 25 years.

Peterson Cos., a private family-run business, has also formed a five-person governing board to provide oversight “to make sure the real estate and non-real estate sides stay on the tracks,” Jon Peterson told me in an exclusive interview.

That board will consist of Jon and Rick Peterson, Foulger-Pratt Cos. Chairman Bryant Foulger and Inova Center for Personalized Health CEO Todd Stottlemeyer. The fifth member has not been announced.

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