Agree Realty Announces Departure of Chief Financial Officer and Appointment of Interim Chief Financial Officer

Rhea-AI Summary

Agree Realty Corporation (NYSE: ADC) announced the resignation of Simon Leopold from his roles as Executive Vice President, Chief Financial Officer, and Secretary, effective immediately. The Board will start a search for a permanent CFO, considering both internal and external candidates. Peter Coughenour, Vice President of Corporate Finance, has been named interim CFO. Importantly, Mr. Leopold's departure was not due to disagreements regarding the Company's operations or financial integrity. As of June 30, 2021, the Company owned 1,262 properties across 46 states, totaling approximately 26.1 million square feet.

Positive

• Appointment of Peter Coughenour as interim CFO may provide continuity in leadership.
• Board's proactive search for a new CFO suggests commitment to strong financial oversight.

Negative

• Departure of CFO may lead to uncertainty and potential disruption in financial management.

BLOOMFIELD HILLS, Mich., Aug. 11, 2021 /PRNewswire/ -- Agree Realty Corporation (NYSE: ADC) (the "Company") today announced that Simon Leopold has resigned from his positions as Executive Vice President, Chief Financial Officer and Secretary of the Company effective immediately.

The Board of Directors also announced that it will commence a formal search, which will consider internal and external candidates, for a new Chief Financial Officer.  

Peter Coughenour, current Vice President, Corporate Finance who joined the Company in 2015, has been appointed to the position of interim Chief Financial Officer until a permanent replacement is identified. 

David Wolff, the Company's Chief Accounting Officer, will continue to lead the day-to-day operations of the Company's accounting department. 

Mr. Leopold's departure is not related to any disagreement with the Company on any matters related to the Company's operations, policies, practices or the integrity of the Company's financial statements or systems.

About Agree Realty Corporation

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of  June 30, 2021, the Company owned and operated a portfolio of 1,262 properties, located in 46 states and containing approximately 26.1 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 on the Company and RETHINKING RETAIL, please visit www.agreerealty.com.

 

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SOURCE Agree Realty Corporation

FAQ

What prompted the resignation of Simon Leopold at Agree Realty (ADC)?

Simon Leopold resigned from his roles as Executive Vice President, CFO, and Secretary, effective immediately. His departure was not related to any disagreements regarding the Company's operations or integrity.

Who has been appointed as the interim CFO of Agree Realty (ADC)?

Peter Coughenour, the current Vice President of Corporate Finance, has been appointed as the interim Chief Financial Officer.

What steps is Agree Realty (ADC) taking to replace the CFO?

Agree Realty's Board of Directors will commence a formal search for a new Chief Financial Officer, considering both internal and external candidates.