CommonWealth REIT (NYSE:CWH) today made several announcements concerning its Board of Trustees, as follows:
Appointment of New Independent Trustees:
CWH today announced the appointments of Ms. Ann Logan and Mr. Ronald Artinian as Independent Trustees to the CWH Board of Trustees. Both of these new Independent Trustees were identified by the search firm Korn / Ferry International and were recommended to join the Board by CWH’s Nominating & Governance Committee, which is comprised solely of Independent Trustees. Neither of these individuals have any prior relationship with CWH, the CWH Board or CWH’s management. With these appointments, the CWH Board now consists of seven members, five of whom are Independent Trustees.
Ms. Logan joins the CWH Board with substantial public company board experience and senior executive experience in the real estate industry. Ms. Logan previously served as an Independent Director of PHH Corporation (NYSE:PHH) between 2005 and 2010. While on the Board of PHH, Ms. Logan served as Chair of the Finance and Risk Committee as well as a member of the Audit and Compensation Committees. Until 2000, Ms. Logan worked at Fannie Mae, where she served as Executive Vice President, in charge of the firm’s $1 trillion single family mortgage business between 1998 and 2000, and as Fannie Mae’s Chief Credit Officer between 1993 and 1998. Ms. Logan left Fannie Mae before it began making investments in subprime residential mortgages. Previously, Ms. Logan held positions with Standard and Poor’s Corporation and the United States Senate Judiciary Committee. Ms. Logan also currently serves on the Boards of Trustees of Bryn Mawr College, the Georgetown Preparatory School and the Washington Middle School for Girls. Ms. Logan has an A.B. from Bryn Mawr College and a M.B.A. from Columbia University.Mr. Artinian joins the CWH Board as a long tenured independent director of public companies and an accomplished investment banker. Since 2006, Mr. Artinian has served on the Board of Trustees of the Reserve Funds, a group of public mutual funds. One of these funds, the Reserve Primary Fund, a money market fund with approximately $62 billion of assets, experienced a decline in net asset value to less than $1.00 per share because of the bankruptcy of Lehman Brothers in September 2008. Mr. Artinian subsequently became the Lead Independent Trustee of the Reserve Funds. While serving as Lead Independent Trustee, the Independent Trustees voted to replace the existing external manager with a new manager to liquidate the funds. The Reserve Primary Fund has successfully returned more than 99% of investors’ historical invested capital to date. Since 1992, Mr. Artinian also has served on the Board of Trustees of First Real Estate Investment Trust of New Jersey, a small publicly owned REIT, where he is currently Chair of the Audit Committee and a member of the Executive and Compensation Committees. Mr. Artinian previously served on the Board of Directors as well as a member of the Audit and Finance Committees of NYMAGIC, INC, a NYSE listed insurance holding company, and on the Board of Directors and a member of the Audit Committee of Laser Mortgage Management, Inc., a NYSE listed specialty finance company that primarily invested in mortgage loans. During a career on Wall Street that lasted more than 25 years, Mr. Artinian spent the majority of his time at Lehman Brothers and Smith Barney as a senior executive. Mr. Artinian has a B.A. from the University of Pennsylvania and a M.B.A. from the Wharton School of Business.