Agree Realty Announces Appointment of Ambassador John Rakolta Jr. to its Board of Directors

Rhea-AI Summary

Agree Realty Corporation (NYSE: ADC) announced the immediate reappointment of Ambassador John Rakolta Jr. to its Board of Directors. Rakolta previously served on the board from 2011 until 2019, when he became the U.S. Ambassador to the UAE. With extensive experience as Chairman of Walbridge, a leading construction firm, his return is anticipated to enhance the company's strategic direction. The Board confirmed that Rakolta is independent according to NYSE standards, which is beneficial for corporate governance as the company pursues growth.

Positive

• Ambassador Rakolta's return is expected to provide valuable leadership and vision for growth.
• His experience as Chairman of Walbridge may enhance strategic direction and decision-making.

Negative

• None.

BLOOMFIELD HILLS, Mich., Feb. 22, 2021 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced that effective immediately Ambassador John Rakolta Jr. has rejoined the Company's Board of Directors (the "Board").

Ambassador Rakolta served on the Company's Board from 2011 until his confirmation as United States Ambassador to the United Arab Emirates in September 2019.  Mr. Rakolta currently serves as the Chairman of Walbridge, one of the country's largest construction companies. 

"We are extremely pleased to welcome John back to our Board of Directors," said Joey Agree, President and Chief Executive Officer. "His intellect, leadership, foresight and vision helped shape our Company and will be invaluable as we approach the next phase of Agree Realty's growth."

The Board has determined that Mr. Rakolta is independent in accordance with the NYSE listing standards and the Company's Corporate Governance Guidelines.

About Agree Realty Corporation

Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants.  As of December 31, 2020, the Company owned and operated a portfolio of 1,129 properties, located in 46 states and containing approximately 22.7 million square feet of gross leasable area.  The Company's common stock is listed on the New York Stock Exchange under the symbol "ADC".  For additional information, please visit www.agreerealty.com.   

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SOURCE Agree Realty Corporation

FAQ

What is the significance of John Rakolta Jr.'s reappointment to Agree Realty's board?

His reappointment is significant as it brings experienced leadership back to the Board, potentially guiding the company through its next growth phase.

When did John Rakolta Jr. previously serve on the Board of Agree Realty?

Rakolta served on the Board from 2011 until September 2019, when he became Ambassador to the UAE.

How might Rakolta's experience impact Agree Realty Corporation?

His extensive background in construction and leadership is likely to influence strategic decisions positively.

Is John Rakolta Jr. considered independent under NYSE standards?

Yes, the Board has confirmed that Rakolta meets the independence criteria set by NYSE listing standards.