CBL Properties Announces the Resignation of Jonathan Heller From Its Board of Directors
26 January 2023 - 8:15AM
Business Wire
Lead Director David Contis to Serve as
Chairman
CBL Properties (NYSE:CBL) today announced that Jonathan Heller
is resigning as Chairman of the Board, effective January 25, 2023.
Mr. Heller notified the Company that he is stepping down as
Chairman to focus his time and energy on building his new
investment firm, Helix Partners. Mr. Heller joined CBL’s board in
October 2021 and became its Chairman in November 2021, in
conjunction with CBL’s successful restructuring.
“We are immensely grateful to Jonathan for his leadership and
service to the company,” said Stephen D. Lebovitz, director and CEO
of CBL. “As a leading voice for CBL’s creditors during our
restructuring process, Jonathan exhibited an unwavering commitment
to working with CBL to create a sustainable financial structure for
the company’s future. As Chairman, Jonathan continued these efforts
and provided important guidance to Management and the Board. CBL
now enjoys a strong financial position, including a low leverage
balance sheet which primarily consists of non-recourse mortgage
debt, as well as a robust cash position and healthy free cash flow
generation. We appreciate Jonathan’s dedication to furthering CBL’s
success and wish him well as he takes on his next opportunity.”
CBL’s current Lead Independent Director, David Contis, has been
appointed as Chairman of the Board in light of Mr. Heller’s
departure. Mr. Contis has extensive real estate and capital markets
experience having served as President of the Mall Platform for
Simon Property Group, President of real estate for Sam Zell’s
Equity Group Investments and EVP and Chief Operating officer of The
Macerich Company. Mr. Contis is the founder and president of Agora
Advisors, Inc., which provides consulting services to real estate
and retail companies in North and South America.
Commenting on Mr. Contis’ appointment as Chairman of the Board,
Lebovitz said, “Since joining the Board in late 2021, David’s
considerable experience and counsel have served as a valuable
resource to Management and the Board. He is perfectly suited to
step into the role of Chairman and I, along with the other
directors, look forward to working with him in this capacity.”
About CBL Properties
Headquartered in Chattanooga, TN, CBL Properties owns and
manages a national portfolio of market-dominant properties located
in dynamic and growing communities. CBL’s owned and managed
portfolio is comprised of 94 properties totaling 58.5 million
square feet across 22 states, including 56 high-quality enclosed
malls, outlet centers and lifestyle retail centers as well as more
than 30 open-air centers and other assets. CBL seeks to
continuously strengthen its company and portfolio through active
management, aggressive leasing and profitable reinvestment in its
properties. For more information visit cblproperties.com.
Information included herein contains “forward-looking
statements” within the meaning of the federal securities laws. Such
statements are inherently subject to risks and uncertainties, many
of which cannot be predicted with accuracy and some of which might
not even be anticipated. Future events and actual events, financial
and otherwise, may differ materially from the events and results
discussed in the forward-looking statements. The reader is directed
to the Company’s various filings with the Securities and Exchange
Commission, including without limitation the Company’s Annual
Report on Form 10-K and the “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” included therein,
for a discussion of such risks and uncertainties.
CBL_Corp
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version on businesswire.com: https://www.businesswire.com/news/home/20230125005780/en/
Investor Contact: Katie Reinsmidt, Executive Vice President
& Chief Investment Officer, 423.490.8301,
Katie.Reinsmidt@cblproperties.com
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