Wheeler Real Estate Investment Trust, Inc. Announces Resignation of Chief Financial Officer and Search for Permanent Successo...
January 08 2018 - 8:05AM
Wheeler Real Estate Investment Trust, Inc.
(NASDAQ:WHLR) (“Wheeler” or the “Company”) today announced that
Wilkes Graham has notified the Company of his intention to resign
as Chief Financial Officer to accept a position with a
privately-held real estate development company located in Atlanta,
GA. The resignation will take effect after a transition
period, which is expected to end on or before March 4, 2018.
Over the next sixty days of the transition, we expect Mr. Graham
will be fully engaged with the Company’s fourth quarter close,
earnings announcement and the signing and filing of our 10-K.
The Company is in the process of engaging a professional search
firm to assist in the hiring of Mr. Graham’s replacement. In the
event that the Company has not hired a permanent replacement prior
to the effectiveness of Mr. Graham’s resignation, Matthew Reddy,
the Company’s Chief Accounting Officer, will serve as the Company’s
interim Chief Financial Officer while the Company completes the
search process. Mr. Reddy is a certified public accountant
and has been with the Company since June 2015 as Chief Accounting
Officer. Prior to joining Wheeler, Mr. Reddy was the Assistant Vice
President of Online Products at Liberty Tax Service
(NASDAQ:TAX). While employed at Liberty, Mr. Reddy was
also employed as Director of Finance from 2011 to 2014, and Manager
of Financial Reporting from 2008 to 2011. Prior to joining
Liberty, Mr. Reddy worked at KPMG LLP as a Senior Auditor.
Rebecca Schiefer, the Company's Director of Accounting, will
continue to lead the day-to-day operations of the Company's
accounting department.
"We want to thank Wilkes for his contributions to our Company
during his tenure and wish him the best in his new position," said
Jon Wheeler, Chairman and Chief Executive Officer of the
Company. "Our primary goal remains to serve our shareholders
through a dedicated business strategy that is executed by
experienced real estate and financial executives. We will work to
locate and hire a capable successor in a timely fashion. Due
to the financial and accounting processes and procedures we have
implemented, and the increased board interaction and oversight from
our Operating Committee, we are confident that our experienced
financial and accounting teams will continue to efficiently run the
financial operations of the Company while we search for his
successor."
About Wheeler Real Estate
Investment Trust, Inc.
Headquartered in Virginia Beach, VA, Wheeler
Real Estate Investment Trust, Inc. is a fully-integrated,
self-managed commercial real estate investment company focused on
acquiring and managing income-producing retail properties with a
primary focus on grocery-anchored centers. Wheeler’s portfolio
contains well-located, potentially dominant retail properties in
secondary and tertiary markets that generate attractive
risk-adjusted returns, with a particular emphasis on
grocery-anchored retail centers.
Additional information about Wheeler Real Estate
Investment Trust, Inc. can be found at the Company’s corporate
website: www.whlr.us
Forward-Looking Statements
This press release may contain “forward-looking”
statements as defined in the Private Securities Litigation Reform
Act of 1995. When the Company uses words such as “may,” “will,”
“intend,” “should,” “believe,” “expect,” “anticipate,” “project,”
“estimate” or similar expressions that do not relate solely to
historical matters, it is making forward-looking statements. The
Company’s expected results may not be achieved, and actual results
may differ materially from expectations. Specifically, the
Company’s statements regarding: (i) the Company’s ability to
continue to efficiently run its financial operations; (ii) the
final date of Mr. Graham’s employment with the Company; (iii) the
Company’s ability to timely find a qualified replacement for Mr.
Graham; and (iv) Mr. Graham’s involvement in the Company’s fourth
quarter close, earnings announcement and the signing and filing of
its 10-K are forward-looking statements. Forward-looking
statements are not guarantees of future performance and are subject
to risks, uncertainties and other factors, some of which are beyond
the Company’s control, are difficult to predict and could cause
actual results to differ materially from those expressed or
forecasted in the forward-looking statements. For these
reasons, among others, investors are cautioned not to place undue
reliance upon any forward-looking statements in this press
release. Additional factors that could cause the Company’s
actual results to differ materially from those expressed or
forecasted in forward-looking statements are discussed in the
Company's filings with the U.S. Securities and Exchange Commission,
which are available for review at www.sec.gov. The Company
undertakes no obligation to publicly revise these forward‐looking
statements to reflect events or circumstances that arise after the
date hereof.
CONTACT:
Wheeler Real Estate Investment Trust,
Inc.
Wilkes
Graham
Chief Financial
Officer
(757) 627-9088
Wilkes@whlr.us
Laura
Nguyen
Director of Investor
Relations
(757) 627-9088 Laura@whlr.us
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