Gary H. Hunt to Serve as Interim CEO; Search for Successor Underway
SANTA ANA, Calif., July 11 /PRNewswire-FirstCall/ -- Grubb & Ellis
Company (NYSE: GBE), a leading real estate services and investment firm,
today announced that its Board of Directors has accepted the resignation of
Scott D. Peters as Chief Executive Officer, President and Director,
effective immediately. Peters resigned to pursue other interests. The Board
has appointed Independent Director Gary H. Hunt, interim Chief Executive
Officer and a search for a permanent CEO is underway.
Hunt currently serves on the Board of Directors of William Lyon Company
and is Chairman of the Advisory Board of Kennecott Land Company. Hunt is
also a Senior Advisor to Lennar Corporation, Tejon Ranch Company and DMB
LLC of Scottsdale, Ariz., all master community developers located in the
Western United States. Hunt was previously the Executive Vice President and
a member of the Board and Executive Committee of The Irvine Company.
"We couldn't be more appreciative of Scott's efforts, especially the
role he played both during the merger and over the past seven months as
we've begun executing on Grubb & Ellis' long-term growth strategy," said
Glenn L. Carpenter, Chairman of the Board of Directors.
Peters is expected to continue as a strategic advisor to the Company
and there has been no change in his status as Chairman and Chief Executive
Officer of Grubb & Ellis Healthcare REIT or as Executive Vice President of
Grubb & Ellis Apartment REIT.
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 March 31, 2008, more than $3.4 billion in investor equity has
been raised for these investment programs. The company and its subsidiaries
currently manage a growing portfolio of more than 218 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.
Forward-looking Statement
Except for historical information, statements included in this
announcement may constitute forward-looking statements regarding, among
other things, future revenue growth, market trends, new business
opportunities and investment programs, synergies resulting from the merger
of Grubb & Ellis Company and NNN Realty Advisors, new hires, results of
operations, changes in expense levels and profitability and effects on the
Company of changes in the real estate markets. These statements involve
known and unknown risks, uncertainties and other factors that may cause the
Company's actual results and performance in future periods to be materially
different from any future results or performance suggested by these
statements. Such factors which could adversely affect the Company's ability
to obtain these results include, among other things: (i) the volume of
sales and leasing transactions and prices for real estate in the real
estate markets generally; (ii) a general or regional economic downturn that
could create a recession in the real estate markets; (iii) the Company's
debt level and its ability to make interest and principal payments; (iv) an
increase in expenses related to new initiatives, investments in people,
technology and service improvements; (v) the success of current and new
investment programs; (vi) the success of new initiatives and investments;
(vii) the inability to attain expected levels of expense synergies
resulting from the merger of Grubb & Ellis Company and NNN Realty Advisors;
and (viii) other factors described in the Company's annual report on Form
10-K for the year ending December 31, 2007, and Form 10-Q for the quarter
ended March 31, 2008 filed with the SEC.
SOURCE Grubb & Ellis Company
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Related links:
http://www.grubb-ellis.com
http://www.prnewswire.com/comp/136726.html/
CONTACT:
Janice McDill of Grubb & Ellis Company,
+1-312-698-6707, janice.mcdill@grubb-ellis.com
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