City Office REIT Announces New Board Member and Board Role Changes

Rhea-AI Summary

City Office REIT, Inc. (NYSE: CIO) has announced significant changes to its Board of Directors. Effective immediately, Michael Mazan joins the Board, bringing over 30 years of finance and investment experience. He will also serve as Chairman of the Audit Committee. Concurrently, John Sweet has been appointed as the new Chairman of the Board, succeeding John McLernon, who remains an Independent Director. Additionally, William Flatt is stepping down after nearly ten years of service. The Board now consists of six directors, five of whom meet the independence standards set by the NYSE.

Positive

• Michael Mazan's extensive experience in finance and investment may enhance the Board's strategic direction.
• John Sweet's leadership as Chairman and his previous experience with public company boards could strengthen governance.

Negative

• William Flatt's departure could create a temporary gap in continuity and experience on the Board.

VANCOUVER, Feb. 23, 2023 /PRNewswire/ -- City Office REIT, Inc. (NYSE: CIO) ("City Office" or the "Company") today announced the appointment of a new member to the Company's Board of Directors (the "Board") and changes to Board roles.

Michael Mazan, a finance and investment industry veteran, has been appointed to the Board, effective today.  Mr. Mazan joins the Board with over 30 years of experience in investing, management consulting and investment banking.  Currently, Mr. Mazan serves as a founding partner of KingsPeak Partners, a boutique private equity investment firm.  Prior to that, from 1999 to 2018, Mr. Mazan was a partner at Birch Hill Equity Partners, a leading private equity firm, where he was responsible for all parts of the investment lifecycle, with a focus on portfolio company building and governance.  From 1992 to 1999, Mr. Mazan held various finance and consulting roles at prominent firms, including Credit Suisse First Boston and McKinsey and Company. Mr. Mazan also has extensive experience serving as a director for various private and publicly listed companies, having served on 12 boards during his career.  Mr. Mazan will join the Board's Audit Committee as its Chairman.

Further, as part of the Company's long term succession planning, the Board has approved the appointment of John Sweet as Chairman of the Board, effective today.  Mr. Sweet has served as an Independent Director of the Company since 2017 and is currently the Chairman of the Investment Committee.  Mr. Sweet's contributions to the Company to date and his exceptional real estate industry knowledge base, along with prior experience leading a public company board, make Mr. Sweet an excellent fit as Chairman of the Board.  Mr. Sweet assumed the role from John McLernon who is continuing to serve as an Independent Director of the Company.

In addition, William Flatt, effective today, will step down from the Board after nearly ten years of service to the Board.  Since the Company's initial public offering in 2014, Mr. Flatt has been a valuable contributor to the Company's growth and strategic execution, and the Board thanks him for his outstanding service. 

John Sweet commented, "I am honored to serve as the new Chairman of the Board, and as a first order of business I would like to express the Company's excitement at the appointment of Michael Mazan to the Board and the Company's gratitude to John McLernon for his tenure as Chairman and his continued service as an Independent Director.  John has led the Board with sage strategic insight and guidance since the Company's inception and we look forward to his continued contributions.  We also highly anticipate the future contributions from Michael, who is thoroughly respected by his industry peers and brings a successful governance and investing track record.  Finally, I'd like to express the Company's sincere gratitude to Will for his years of dedication, insight and positive contributions."

With the addition of Mr. Mazan as an Independent Director and the departure of Mr. Flatt, the Company's Board will consist of six Directors, five of whom the Board of Directors has determined meet the independence standards of the NYSE Listed Company Manual and the Company's corporate governance guidelines.

About City Office REIT, Inc.

City Office REIT is an internally-managed real estate company focused on acquiring, owning and operating high-quality office properties located predominantly in Sun Belt markets. City Office currently owns or has a controlling interest in 6.0 million square feet of office properties. The Company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes.

Forward-looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management's current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as "anticipate," "expect," "intend," "may" and similar expressions, and variations or negatives of these words. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. Factors that could cause actual results to differ materially include, among other things, changes to CIO's expected liquidity position and the risk factors set forth in CIO's Annual Report on Form 10-K for the year ended December 31, 2022 and subsequent filings with the Securities and Exchange Commission. The statements made herein speak only as of the date of this press release, and, except as required by law, CIO does not undertake any obligation to publicly update or revise any forward-looking statements.

Contact

City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com

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SOURCE City Office REIT, Inc.

FAQ

Who is the new member of the Board for City Office REIT (CIO)?

Michael Mazan has been appointed as a new Board member for City Office REIT, effective February 23, 2023.

What changes were made to the Board of Directors at City Office REIT (CIO)?

The Board has appointed Michael Mazan as a new Board member, John Sweet as the new Chairman, and William Flatt stepped down from the Board.

What is Michael Mazan's background in relation to City Office REIT (CIO)?

Michael Mazan has over 30 years of finance and investment industry experience, having served in various leadership roles at private equity firms.

Why did William Flatt leave the City Office REIT (CIO) Board?

William Flatt is stepping down from the Board after nearly ten years of service, contributing significantly since the Company's IPO in 2014.

What is the current composition of the City Office REIT (CIO) Board after these changes?

The Board now consists of six Directors, with five meeting the independence standards of the NYSE.