After two decades at the helm of Palmer Square Management, vice president David Newton is stepping down. Taking over the job is Lori Rabon, who has been general manager of The Nassau Inn for the same time period. Ms. Rabon will continue to lead the hotel while assuming the new position, and Mr. Newton will move on to other projects within the company, according to Ms. Rabon.

“What is happening is that ownership is transitioning some of our roles,” she said this week. “David is going to be doing some developmental projects with them in other areas of New Jersey. I’m a newbie, but I have been with the ownership group for 20 years. I’ll be working with both the Palmer Square team and the hotel team.”

Mr. Newton’s last day was last Friday, and Ms. Rabon began her new assignment on Monday. The transition has been in the works for some time, she said, and has gone smoothly. “There are no plans at all to upset the apple cart,” she said when asked if any more changes were planned for Palmer Square Management. “I have complete confidence in the team here as well as at The Nassau Inn.”

Palmer Square Management and The Nassau Inn are owned by a limited partnership based in New York City.

Complaints among local residents that Palmer Square has become a trendy area geared to tourists rather than people who live in town have not gone unnoticed, Ms. Rabon said. “It is definitely one of the things we’ve heard, and it is something we are very much listening to regarding the mix of new tenants,” she said. “We are hearing public comment and keeping those thoughts in mind. We know there are services the residents would want to come downtown for.”

Vacancies along the square had “nothing to do with these decisions, which have been ongoing for months,” she said. “This is really an opportunity for us, with the vacancies we do have, to strategically be able to place the right tenants in this premier property. I’ve spent all these years promoting Princeton as a destination, a gem. Now we’ve been given this opportunity and I’m grateful ownership had the thought to put me in as vice president and pull together all the different aspects of the Palmer properties. I’ve got some great teams to work with.”

Ms. Rabon and Mr. Newton will travel to a convention in Las Vegas next week to scout new tenants. “He’s being very gracious,” Ms. Rabon said of Mr. Newton. “While he’s assuming new things, he’s still working with me.”

Ms. Rabon was reluctant to name any potential new tenants. “I don’t want to announce our direction at this time and give competitors an edge,” she said. “But we’re very mindful that we’re at the center of a wonderful community and we’ve got lots of different people to serve.”