Phillips Edison & Company, Inc. (Nasdaq: PECO) (“PECO” or the
“Company”), one of the nation’s largest owners and operators of
grocery-anchored neighborhood shopping centers, today announced
that on June 25, 2024, its Board of Directors (the “Board”)
increased the size of the Board from nine to 10 members and
appointed Devin Murphy to the Board, effective July 2, 2024.
Jeff Edison, Chairman and Chief Executive
Officer stated, “We are excited to welcome Devin to PECO’s Board.
Over the past decade, he has played a key role in PECO’s growth.
Devin worked side-by-side with me to transform PECO into one of the
largest strategic owners and operators of grocery-anchored
neighborhood shopping centers. His proven track record and
commitment to enhancing shareholder value make him a valuable
addition to PECO’s Board.”
Mr. Murphy served as President of PECO from
August 2019 until December 31, 2023. Prior to that, he served as
PECO’s Chief Financial Officer from June 2013, when he joined the
Company, to August 2019. Before joining PECO in 2013, Mr. Murphy
worked for 27 years as an investment banker and held senior
leadership roles at Morgan Stanley and Deutsche Bank. He served as
the Global Head of Real Estate Investment Banking at Deutsche Bank.
His Deutsche Bank team executed over 500 transactions of all types
for clients representing total transaction volume exceeding $400
billion and included initial public offerings, mergers and
acquisitions, common stock offerings, secured and unsecured debt
offerings and private placements of both debt and equity.
Mr. Murphy began his banking career at Morgan
Stanley in 1986 and held a number of senior positions including
Vice Chairman, Co-Head of US Real Estate Investment Banking and
Head of Real Estate Private Capital Markets. He also served on the
Investment Committee of the Morgan Stanley Real Estate Funds, a
series of global real estate funds with over $35 billion in assets
under management. During his 20 years with Morgan Stanley, Mr.
Murphy and his teams executed numerous capital markets and merger
and acquisition transactions including a number of
industry-defining transactions.
Mr. Murphy currently serves as chairperson of
Apartment Income REIT Corp (AIRC), a NYSE-listed apartment REIT,
and serves on the Audit, Compensation and Human Resources and
Governance and Corporate Responsibility Committees of AIRC. He is
also an independent director of CoreCivic (CXW), a NYSE-listed
corporation that provides diversified government solutions in
corrections and detention management. He serves on the Audit
Committee, Risk Committee and chairs the Nominating and Governance
Committee at CXW. Mr. Murphy served as a Director of the
NYSE-listed real estate services firm Grubb and Ellis prior to its
sale to BGC Partners and of the S&P 500 company Apartment
Investment and Management (AIV) prior to its spin-off transaction.
Mr. Murphy earned a BA in English and history with honors from the
College of William & Mary and an MBA from the University of
Michigan.
In determining that he should serve as a
director, the Board considered Mr. Murphy’s public company
expertise, corporate and operational finance expertise, strategic
planning expertise, business development expertise, integrity,
judgment and leadership skills.
As Mr. Murphy will retire from the Company
effective July 1, 2024, Mr. Murphy will not be “independent” as
defined under applicable rules of Nasdaq and the SEC at the time of
his appointment. Mr. Murphy will receive the same compensation and
other benefits for his service as a director as the other
non-management directors on the Board.
Connect with PECO: For
additional information, please visit
https://www.phillipsedison.com/
Follow PECO on:Twitter at
https://twitter.com/PhillipsEdison Facebook at
https://www.facebook.com/phillipsedison.co Instagram at
https://www.instagram.com/phillips.edison/; and Find PECO on
LinkedIn at
https://www.linkedin.com/company/phillipsedison&company
About Phillips Edison &
CompanyPhillips Edison & Company, Inc. (“PECO”) is one
of the nation’s largest owners and operators of omni-channel
grocery-anchored shopping centers. Founded in 1991, PECO has
generated strong results through its vertically-integrated
operating platform and national footprint of well-occupied shopping
centers. PECO’s centers feature a mix of national and regional
retailers providing necessity-based goods and services in
fundamentally strong markets throughout the United States. PECO’s
top grocery anchors include Kroger, Publix, Albertsons and Ahold
Delhaize. As of March 31, 2024, PECO managed 304 shopping centers,
including 284 wholly-owned centers comprising 32.4 million square
feet across 31 states and 20 shopping centers owned in one
institutional joint venture. PECO is focused on creating great
omni-channel, grocery-anchored shopping experiences and improving
communities, one neighborhood shopping center at a time.
PECO uses, and intends to continue to use, its
Investors website, which can be found at
https://investors.phillipsedison.com, as a means of disclosing
material nonpublic information and for complying with its
disclosure obligations under Regulation FD.
Forward-Looking StatementsThis
press release may contain certain forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Such forward-looking statements can generally be identified
by the Company’s use of forward-looking terminology such as “may,”
“will,” “expect,” “intend,” “anticipate,” “estimate,” “believe,”
“continue,” “seek,” “objective,” “goal,” “strategy,” “plan,”
“focus,” “priority,” “should,” “could,” “potential,” “possible,”
“look forward,” “optimistic,” or other similar words. Readers are
cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this press release.
Such statements are subject to known and unknown risks and
uncertainties, which could cause actual results to differ
materially from those projected or anticipated, including the risk
factors and other risks and uncertainties described in the
Company’s 2023 Annual Report on Form 10-K, filed with the SEC on
February 12, 2024, as updated from time to time in the Company’s
periodic and/or current reports filed with the SEC, which are
accessible on the SEC’s website at www.sec.gov. Except as required
by law, the Company does not undertake any obligation to update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise.
Investors:Kimberly Green, Head
of Investor Relations (513) 692-3399, kgreen@phillipsedison.com
Media:Cherilyn Megill, Chief
Marketing Officer (801) 415-4373, cmegill@phillipsedison.com
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