Urstadt Biddle Properties Inc. Splits CEO/Chairman Positions, Promotes Willing L. Biddle to CEO
June 06 2013 - 3:38PM
Business Wire
Urstadt Biddle Properties Inc. (“UBP”) (NYSE: UBA & UBP)
today announced that it will separate the roles of Chairman of the
Board of Directors and Chief Executive Officer, effective July 1,
2013. The Board of Directors approved the separation of the roles
at a regularly scheduled Board meeting held on June 6, 2013.
Charles J. Urstadt, UBP’s long-standing Chief Executive Officer,
will continue to serve as Chairman of the Board of Directors of UBP
and as an employee and executive officer of the company. The Board
of Directors has promoted Willing L. Biddle, UBP’s current
President and Chief Operating Officer and a director, to the
position of Chief Executive Officer of the company, effective July
1, 2013. Mr. Biddle also will continue to serve as UBP’s President
and Chief Operating Officer and as a director.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust, which owns or has equity interests in
66 properties containing approximately 5.1 million square feet of
space. Listed on the New York Stock Exchange since 1969, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 174 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and raised its dividends to its shareholders for the last 19
years.
For additional information, please contact Willing L. Biddle,
COO, or John Hayes, CFO, Urstadt Biddle Properties Inc. at
203-863-8200. Follow us on Twitter at
https://twitter.com/UrstadtBiddle.
This press release contains statements that constitute
“forward-looking statements.” These statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Urstadt Biddle
Properties Inc. to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among other
things, risks associated with the timing of and costs associated
with property improvements, financing commitments and general
competitive factors. Urstadt Biddle Properties Inc. undertakes no
obligation to update these statements for revisions or changes
after the date of this release.
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