Billionaire Sam Zell has been named chairman of the CommonWealth REIT board, following a vote by shareholders that embraced a slate put forth by Related Fund Management and Corvex Management.
Zell’s appointment comes amid an entirely new slate replacing the REIT’s existing board members. Shareholders ousted those directors in a proxy vote in March. The board’s new members now include James Corl, Edward Glickman, David Helfand, Peter Linneman, Jim Lozier and Kenneth Shea, along with Zell.
“We are appreciative of the overwhelming support of CommonWealth’s shareholders who voted to endorse the vision and experience of this new board and management team,” Zell told GlobeSt. “With our team in place, we can get to work executing on our goal to create long-term value for our shareholders.”
Related and Corvex moved to oust CommonWealth’s board earlier this year citing concerns about underperformance.
The REIT will now be headquartered in Chicago, rather than Newton, Mass. [GlobeSt] — Julie Strickland