J. Murry Bowden Resigns Weingarten Realty Investors' Board to Enable Hanover Company to Work With Weingarten
October 30 2006 - 5:36PM
PR Newswire (US)
HOUSTON, Oct. 30 /PRNewswire-FirstCall/ -- Weingarten Realty
Investors (NYSE:WRI) announced today that J. Murry Bowden, Founder
/ Chairman / Chief Executive Officer of the Hanover Company, has
submitted his letter of resignation to the Weingarten board of
trust managers effective October 31, 2006. Mr. Bowden joined the
board in 2003. His resignation letter states, "As real estate
development moves towards more mixed use projects, I am confident
that there will be opportunities for Weingarten and The Hanover
Company to jointly develop such future projects. Therefore, to
avoid any conflicts of interest, I have, with great regret,
concluded that I should resign from the board at this time. I have
the greatest respect for the trust managers, senior management and
associates of WRI. It is an outstanding company with the highest
ethical standards. This move enables our companies to work together
on projects of mutual interest. I will be of much greater value to
both Weingarten and my company in this capacity." Weingarten
Chairman, Stanford Alexander, stated, "My associates and I
understand and appreciate Murry's decision as we look forward to
working with Murry and his creative team at an operational level
when studying and developing mixed use projects. All of us at WRI
have great respect for Murry and the Hanover Company and his
resignation enables both companies to freely utilize the unique
talents of each company in mutually advantageous endeavors. I,
along with the other board members, greatly appreciate the many
valuable contributions that Murry has made to Weingarten Realty
during his three years as board member. His real estate expertise
and wise counsel as a board member will be sorely missed. However,
I personally view Murry's decision as just changing roles in his
ongoing wonderful relationship with WRI." The Hanover Company,
http://www.hanoverco.com/ , is a privately held, nationally
focused, real estate development company. It develops garden, mid-
rise, and high-rise apartment projects. The Hanover Company is
based in Houston, Texas. As one of the largest real estate
investment trusts listed on the New York Stock Exchange, Weingarten
Realty Investors is focused on delivering solid returns to
shareholders by actively developing, acquiring, and intensively
managing properties in 21 states that span the southern portion of
the United States from coast to coast. The Company's portfolio of
373 properties includes 309 neighborhood and community shopping
centers and 64 industrial properties, aggregating 47.5 million
square feet. Weingarten has one of the most diversified tenant
bases of any major REIT in its sector, with the largest of its
5,400 tenants comprising approximately 3% of its rental revenues.
To learn more about the Company's operations and growth strategies,
please visit http://www.weingarten.com/ . DATASOURCE: Weingarten
Realty Investors CONTACT: Richard Summers of Weingarten Realty
Investors, +1-713-866-6050 Web site: http://www.weingarten.com/
http://www.hanoverco.com/
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