Urstadt Biddle Properties Inc. Announces the Appointment of Richard Grellier to the Board of Directors
September 16 2011 - 4:10PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
today that Richard Grellier has been appointed to the Board of
Directors. Mr. Grellier was appointed to serve on the Audit
Committee, Nominating and Corporate Governance Committee and among
the Company’s Class II directors until the next annual meeting of
shareholders. His appointment fills a vacancy on the Board created
by the resignation of Mr. Peter Herrick who stepped down, effective
September 15, 2011, citing personal reasons. Charles J. Urstadt,
Chairman of the Board and the Company’s Chief Executive Officer,
commented “we are very fortunate to have identified Mr. Grellier,
who brings with him over 25 years of real estate experience,
including 17 years as a real estate investment banker, special
knowledge of the retail REIT sector and experience in capital
markets solutions. In addition, Mr. Grellier served on our Board of
Consultants from 2002 to 2010 and therefore is ideally positioned
to be able to make immediate contributions to the Board.” Mr.
Grellier graduated from Kenyon College and earned a Master of
Science degree from the Graduate School of Architecture, Planning
and Preservation at Columbia University and a Master of Business
Administration degree from the Graduate School of Business at
Columbia University. He presently serves as a Managing Director of
Deutsche Bank Securities Inc.
Commenting on Mr. Herrick’s departure, Mr. Urstadt said that “it
was only with great reluctance that the Board had accepted the
resignation of Peter Herrick, who served on the Board with
distinction for over 21 years. His leadership as a former Chairman
of the Audit Committee and his finance, accounting and operations
experience added immeasurably to the success of the Company and
will be greatly missed. In recognition of Mr. Herrick’s countless
contributions, the Board elected Mr. Herrick Director Emeritus of
the Company.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
51 properties containing approximately 4.7 million square feet of
space. Listed on the New York Stock Exchange since 1970, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 167 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and raised its dividend to its shareholders for the last 17
consecutive years.
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