MYRTLE BEACH — A member of the Burroughs family will take over as chairman of Burroughs & Chapin Co. Inc.'s board of directors next year, the first new board chairman of the Myrtle Beach-based development company in more than 20 years.

G.E. 'Buck' Waters, 51, will replace Egerton Burroughs, who has hit the company's mandatory retirement age of 65 and will leave the board next April. Burroughs has served as chairman for 21 years and guided the 100-plus-year-old company's strategy as it shifted from more of a land-holding company and amusement operator into an aggressive developer that helped change the landscape of Myrtle Beach. Burroughs also was chairman when B&C made the controversial decision to close the landmark Myrtle Beach Pavilion Amusement Park.

Waters will work alongside Egerton Burroughs for the next year to ready for the chairman's job. Waters, a retired employee benefits consultant who lives in Virginia, has served on B&C's board since 2007, and the board elected him to take over as chairman.

'He'll do a good job,' Egerton Burroughs said.