Franklin Street Properties Corp. Announces Leadership Changes
18 May 2016 - 6:20AM
Business Wire
Franklin Street Properties Corp. (the “Company”, “FSP”, “our” or
“we”) (NYSE MKT: FSP), a real estate investment trust (REIT),
announced today a series of leadership changes. As previously
announced, Janet P. Notopoulos retired from the Company and
resigned her position as Executive Vice President, effective May
12, 2016. As part of her retirement, Ms. Notopoulos also resigned
all of her other positions in our various subsidiaries and
affiliates, including as President of FSP Property Management LLC
(“FSPPM”), effective May 12, 2016.
“Janet was a strong and valued leader inside FSP for nearly 20
years, and made outstanding contributions to our business. We thank
Janet for her service and wish her the best in the future,” said
FSP Chairman and Chief Executive Officer, George J. Carter.
“We are also pleased to elevate our next generation of talent
into more prominent leadership roles,” said George J. Carter.
Specifically, the Company announced the following leadership
changes:
- Jeffrey B. Carter has been elected
President. He assumed the title of President from George J. Carter,
who will remain as Chairman and Chief Executive Officer. In this
new role, Mr. Jeffrey B. Carter will oversee the day-to-day
execution of the Company’s strategic objectives and business plan.
Mr. Jeffrey B. Carter will continue to serve as Chief Investment
Officer. Mr. Jeffrey B. Carter joined FSP in 1998. Prior to joining
FSP, Mr. Jeffrey B. Carter was employed by Northern Trust.
- John F. Donahue has been elected
Executive Vice President. In addition, Mr. Donahue has been elected
President and Chief Executive Officer of FSPPM. He assumed these
titles upon Ms. Notopoulos’ retirement on May 12, 2016. Mr. Donahue
joined FSP in 2001. Prior to joining FSP, Mr. Donahue worked in the
pension fund advisory business for GE Capital and AEW Capital
Management.
- Eriel Anchondo has been elected
Executive Vice President and Chief Operating Officer. Mr. Anchondo
joined FSP in 2015 as Senior Vice President/Operations. Prior to
joining FSP, Mr. Anchondo worked at several financial services
firms, including Mercer, New York Life Investment Management and
Putnam Investments.
- Leo “Toby” H. Daley has been elected
Senior Vice President. In addition, Mr. Daley has been elected
Executive Vice President of FSPPM. Mr. Daley joined FSP in 2004.
Prior to joining FSP, Mr. Daley worked at several real estate
services companies, including RREEF, Cabot Industrial Trust and
Leggat McCall Properties.
- Patricia A. McMullen has been elected
Senior Vice President. In addition, Ms. McMullen has been elected
Executive Vice President of FSPPM. Ms. McMullen joined FSP in 1998.
Prior to joining FSP, Ms. McMullen was employed by Boston Financial
and GE Capital.
- William S. Friend has been elected
Senior Vice President. In addition, Mr. Friend has been elected
Executive Vice President of FSPPM. Mr. Friend joined FSP in 2003.
Prior to joining FSP, Mr. Friend was employed by RREEF and Cabot
Industrial Trust.
- Andrew J. Klouse has been elected
Senior Vice President – Finance and Assistant Treasurer. Mr. Klouse
joined FSP in 2004. Prior to joining FSP, Mr. Klouse was employed
by RREEF and Cabot Industrial Trust.
“As FSP’s original founders and other senior leadership retire,
our Board of Directors has extended its succession planning to
include senior leadership with proven experience from both inside
and outside the Company to help lead us into the future. Succession
planning efforts are ongoing. We are very excited about our senior
management team leading FSP into 2017 and beyond, and are
optimistic about the prospects for resumption of meaningful FFO
profit growth as we near completion of our planned property
portfolio transition later this year,” said George J. Carter.
This press release, along with other news about FSP, is
available on the Internet at www.franklinstreetproperties.com. We
routinely post information that may be important to investors in
the Investor Relations section of our website. We encourage
investors to consult that section of our website regularly for
important information about us and, if they are interested in
automatically receiving news and information as soon as it is
posted, to sign up for E-mail Alerts.
About Franklin Street Properties Corp.
Franklin Street Properties Corp., based in Wakefield,
Massachusetts, is focused on investing in institutional-quality
office properties in the U.S. FSP’s strategy is to invest in select
urban infill and central business district (CBD) properties, with
primary emphasis on our top five markets of Atlanta, Dallas,
Denver, Houston, and Minneapolis. FSP seeks value-oriented
investments with an eye towards long-term growth and appreciation,
as well as current income. FSP is a Maryland corporation that
operates in a manner intended to qualify as a real estate
investment trust (REIT) for federal income tax purposes. To learn
more about FSP please visit our website at
www.franklinstreetproperties.com.
Forward-Looking Statements
Statements made in this press release that state FSP’s or
management’s intentions, beliefs, expectations, or predictions for
the future may be forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. This press
release may also contain forward-looking statements based on
current judgments and current knowledge of management, including
our views as to FFO profit growth in future periods, which are
subject to certain risks, trends and uncertainties that could cause
actual results to differ materially from those indicated in such
forward-looking statements. Accordingly, readers are cautioned not
to place undue reliance on forward-looking statements. Investors
are cautioned that our forward-looking statements involve risks and
uncertainty, including without limitation, economic conditions in
the United States, disruptions in the debt markets, economic
conditions in the markets in which we own properties, risks of a
lessening of demand for the types of real estate owned by us,
changes in government regulations and regulatory uncertainty,
uncertainty about governmental fiscal policy, geopolitical events
and expenditures that cannot be anticipated such as utility rate
and usage increases, unanticipated repairs, additional staffing,
insurance increases and real estate tax valuation reassessments.
See the “Risk Factors” set forth in Part I, Item 1A of our Annual
Report on Form 10-K for the year ended December 31, 2015, as the
same may be updated from time to time in subsequent filings with
the United States Securities and Exchange Commission. Although we
believe the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
levels of activity, performance or achievements. We will not update
any of the forward-looking statements after the date of this press
release to conform them to actual results or to changes in our
expectations that occur after such date, other than as required by
law.
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