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CBL Properties Introduces Post-Emergence Board of Directors
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
CBL Properties (OTCMKTS:CBLAQ) announced new appointments to its Board of Directors following its emergence from Chapter 11 on November 1st. Jonathan Heller, who joined on October 15, will serve as Chairman, with Stephen Lebovitz and Charles Lebovitz remaining on the Board. Five new directors are added: Marjorie Bowen, David Contis, David Fields, Robert Gifford, and Kaj Vazales. CEO Stephen Lebovitz highlighted the diverse experiences of the new directors as a significant asset for CBL’s growth and success.
Positive
Diverse experiences of new Board members expected to enhance strategic decision-making.
Jonathan Heller's background in distressed assets may provide valuable oversight in post-bankruptcy landscape.
David Contis brings extensive retail real estate experience, potentially guiding CBL's market positioning.
Negative
Potential experience gaps with the integration of new directors into the existing Board.
Continuous transition period during post-bankruptcy recovery may raise uncertainties.
CHATTANOOGA, Tenn.--(BUSINESS WIRE)--
CBL Properties (OTCMKTS:CBLAQ) today announced members of the Board of Directors selected to serve following its emergence from Chapter 11 on November 1st. Jonathan Heller, Partner and head of the New York office of Canyon Partners, who joined the CBL Board on October 15, as well as Stephen Lebovitz and Charles Lebovitz, will continue serving as Directors. In addition, five new Directors will join the Board: Marjorie Bowen, David Contis, David Fields, Robert Gifford, and Kaj Vazales. Mr. Heller will assume the role of Chairman of the Board with Mr. Contis serving as Lead Director.
“We are pleased to welcome such a strong slate of directors to the CBL Board. CBL will benefit tremendously from directors that offer such diverse experiences and backgrounds,” said Stephen Lebovitz, chief executive officer, CBL Properties. “We are at an exciting point in CBL’s history, and I know each new board member’s excellent credentials and unique knowledge will add significant value to CBL and help position the company for future growth and success.”
Jonathan Heller (Chairman) - Mr. Heller is a Partner who oversees the New York office at Canyon Partners and is a member of the firm’s Investment Committee. He is responsible for the firm’s investments in companies in a wide range of industries, including REITs, Retail, Financial Institutions, Technology and Consumer. He has significant experience in various asset classes including stressed and distressed corporate debt, real estate securities, equities, municipal fixed income and structured products.
Marjorie Bowen - Ms. Bowen is a former managing director of the fairness opinion practice at Houlihan Lokey. She has significant experience as a Board member of numerous public companies including several restructured companies in a variety of industries.
David Contis (Lead Director) - Mr. Contis is the founder and president of AGORA Advisors, Inc. He has served as a board member for various companies, including his current service at Equity Lifestyle Properties, Inc. He brings extensive retail real estate experience having held executive leadership positions at Simon Property Group, Inc., and The Macerich Company.
David Fields - Mr. Fields is Executive Vice President, Chief Administrative Officer and General Counsel for Sunset Development Company, the developer of Northern California’s 585-acre Bishop Ranch. He has over 30 years of experience leading operations, administration, and legal affairs for companies with large-scale branded real estate holdings including the Irvine Company’s Retail Division and Bayer Properties.
Robert Gifford - Mr. Gifford most recently served as President and Chief Executive Officer of AIG Global Real Estate. Previously he was a Principal with AEW Capital Management holding leadership positions in acquisitions, capital markets/capital raising, portfolio and asset management. He currently serves on the boards of Lehman Brothers Holding, Inc., the advisory boards of Milhaus Ventures LLC., and the Davis Companies, and previously served on the board of Retail Properties of America (NYSE: RPAI) and Liberty Property Trust (NYSE: LPT).
Kaj Vazales - Mr. Vazales is the Managing Director and Co-Head of North America for Oaktree’s Global Opportunities strategy, leading the team’s investing efforts across a number of industries in the region and oversees the group’s recruiting efforts. He is responsible for sourcing, underwriting, and executing publicly traded and private investments in the areas of distressed and stressed credit, private equity, leverage finance and equities. He has overseen several restructurings of companies including playing a key role in CBL’s plan. He has also actively participated in both in- and out-of-court recapitalizations for some of the group’s largest investments, including sitting on ad hoc and official committees of creditors in chapter 11.
CBL’s current Board of Directors will remain in place until the company emerges from Chapter 11, at which time the new Board will assume its responsibilities.
Korn Ferry managed the search process on behalf of the Company and the Ad Hoc group of noteholders and advised on final Director appointments.
About CBL Properties Headquartered in Chattanooga, TN, CBL Properties owns and manages a national portfolio of market‑dominant properties located in dynamic and growing communities. CBL’s portfolio is comprised of 105 properties totaling 63.9 million square feet across 24 states, including 63 high-quality enclosed, outlet and open-air retail centers and six properties managed for third parties. CBL seeks to continuously strengthen its company and portfolio through active management, aggressive leasing and profitable reinvestment in its properties. For more information visit cblproperties.com.
Information included herein contains “forward-looking statements” within the meaning of the federal securities laws. Such statements are inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual events, financial and otherwise, may differ materially from the events and results discussed in the forward-looking statements. The reader is directed to the Company’s various filings with the Securities and Exchange Commission, including without limitation the Company’s Annual Report on Form 10-K, and the “Management's Discussion and Analysis of Financial Condition and Results of Operations” included therein, for a discussion of such risks and uncertainties.
