Grubb & Ellis Company Announces Changes to Composition of Certain Board Committees
10 February 2009 - 5:35AM
PR Newswire (US)
SANTA ANA, Calif., Feb. 9 /PRNewswire-FirstCall/ -- Grubb &
Ellis Company (NYSE:GBE), a leading real estate services and
investment firm, today announced that Devin Murphy has been
appointed to serve on the company's Governance and Nominating
Committee and Glenn Carpenter has been appointed to serve on the
company's Compensation Committee. Murphy and Carpenter are
independent members of the Board and, upon their appointments,
which are effective immediately, the company's Chairman C. Michael
Kojaian resigned from both the Compensation Committee and the
Governance and Nominating Committee. In connection with the
Company's recent proxy contest in December 2008, in which
management's nominees were endorsed by all four proxy advisory
firms and re-elected by the company's stockholders, the reports
issued by three of the advisory firms in connection with the proxy
contest raised concerns regarding Kojaian's independence as a
consequence of his approximately 23 percent ownership (directly and
through affiliated entities) of the company. Although the Board
determined that Kojaian satisfies all applicable director
independence standards, he nonetheless chose to resign from the
committees in keeping with the Company's commitment to adhere to
the highest standards of corporate governance. Kojaian will
continue to serve as the company's Chairman of the Board of
Directors. About Grubb & Ellis Grubb & Ellis Company
(NYSE:GBE) is one of the largest and most respected commercial real
estate services and investment companies. With more than 130 owned
and affiliate offices worldwide, Grubb & Ellis offers property
owners, corporate occupants and investors comprehensive integrated
real estate solutions, including transaction, management,
consulting and investment advisory services supported by
proprietary market research and extensive local market expertise.
Grubb & Ellis and its subsidiaries are leading sponsors of real
estate investment programs that provide individuals and
institutions the opportunity to invest in a broad range of real
estate investment vehicles, including tax-deferred 1031
tenant-in-common (TIC) exchanges; public non-traded real estate
investment trusts (REITs) and real estate investment funds. As of
September 30, 2008, more than $3.8 billion in investor equity has
been raised for these investment programs. The company and its
subsidiaries currently manage a growing portfolio of more than 225
million square feet of real estate. In 2007, Grubb & Ellis was
selected from among 15,000 vendors as Microsoft Corporation's
Vendor of the Year. For more information regarding Grubb &
Ellis Company, please visit http://www.grubb-ellis.com/.
DATASOURCE: Grubb & Ellis Company CONTACT: Janice McDill of
Grubb & Ellis Company, +1-312-698-6707, Web Site:
http://www.grubb-ellis.com/
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