Piedmont Announces Leadership Transition Plan
March 19 2019 - 4:30PM
Piedmont Office Realty Trust (NYSE: PDM) announced today that
Donald A. Miller, CFA, who has served as the Company’s Chief
Executive Officer since 2007, will retire effective June 30, 2019
and that the Board of Directors has named C. Brent Smith, the
Company’s current President and Chief Investment Officer, as his
successor. Mr. Smith was also appointed to the Board of
Directors, effective immediately. Mr. Miller will stand for
re-election to the Board of Directors for the 2019-20 term.
“The entire Piedmont team has worked together diligently over
the last several years to hone our competitive strategy, narrow our
markets, and improve our portfolio of properties. During this
time, Brent has provided valuable insight and leadership to the
organization and been instrumental in the execution of each of the
major transactions that have advanced this strategy,” said Mr.
Miller. “We have been working with the Board on this
management transition for a while and I am excited about Brent
officially assuming leadership of Piedmont as we all endeavor
to drive our business and strategy to build value for our
stockholders.”
Mr. Smith, 43, joined Piedmont in 2012 as Senior Vice President
focused on acquisitions and dispositions. He became Executive
Vice President of the Company’s Northeast Region in 2015, while
continuing his focus on strategic capital markets
transactions. In 2016, his role was expanded to also serve as
Chief Investment Officer for the Company and in November of 2018,
he was additionally appointed President. As a result of Mr.
Smith’s appointment to President, Piedmont has merged its
Mid-Atlantic and Northeast Regions together (now referred to as the
Northeast Region) to be led by Robert K. Wiberg, Executive Vice
President, who previously headed the Mid-Atlantic Region. Mr.
Smith will retain the title of President in addition to his role as
Chief Executive Officer, as well as, his role as Chief Investment
Officer through the end of the current year.
Commenting on his appointment, Mr. Smith said, “I am honored by
the Board’s confidence in me and am appreciative of the entire
Piedmont team’s support as I assume this new role. Having worked
closely with Don and the Board for many years, I feel I have an
in-depth understanding of Piedmont’s culture and corporate
objectives. I look forward to continuing to work with the
Board, and the rest of the leadership team to drive the Piedmont
platform and grow our business for stockholders”
Commenting on the transition, Frank C. McDowell, Chairman of the
Board of Directors, said, “We are very appreciative of Don’s
service over the last twelve years; leading Piedmont through its
transformation to a publicly-traded Company with a high quality
portfolio focused upon select markets where Piedmont now has a
dominant presence. While we will miss Don’s daily leadership, we
are confident in Brent’s ability to provide a smooth transition and
to successfully lead us into the next chapter – his energy,
enthusiasm, and extensive knowledge of virtually all aspects of our
business will serve us well over the coming
years.” About
Piedmont Office Realty
Trust:
Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner,
manager, developer, and operator of high-quality, Class A office
properties located in eight major cities in the eastern half of the
U.S. The almost $5 billion portfolio is comprised of approximately
16 million square feet of office space. The Company is a
fully-integrated, self-managed real estate investment trust (REIT)
with local management offices in each of its major markets and is
investment-grade rated by Standard & Poor's (BBB) and Moody's
(Baa2). For more information, see www.piedmontreit.com.
Forward Looking Statements
Certain statements contained in this press release constitute
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the "Securities Act"), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). The Company intends for all such forward-looking
statements to be covered by the safe-harbor provisions for
forward-looking statements contained in Section 27A of the
Securities Act and Section 21E of the Exchange Act, as applicable.
Such information is subject to certain risks and uncertainties, as
well as known and unknown risks, which could cause actual results
to differ materially from those projected or anticipated.
Therefore, such statements are not intended to be a guarantee of
the Company`s performance in future periods. Such forward-looking
statements can generally be identified by our use of
forward-looking terminology such as "may," "will," "expect,"
"intend," "anticipate," "believe," "continue" or similar words or
phrases that are predictions of future events or trends and which
do not relate solely to historical matters.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. The Company cannot guarantee the accuracy of any
such forward-looking statements contained in this press release,
and the Company does not intend to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
Contact: Stephanie
Scurlock
Company: Piedmont Office Realty TrustPhone:
1 770 418
8800Email:
investor.relations@Piedmontreit.com
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