FCPT Announces CFO Transition; Gerry Morgan to Retire as CFO and Patrick Wernig Named as Successor

Rhea-AI Summary

Four Corners Property Trust (FCPT) announced the promotion of Patrick Wernig to Chief Financial Officer, succeeding Gerry Morgan, who will retire in May 2024. Wernig, with a background in investment banking, will take over after the release of Q1 2024 financial results. The Board of Directors will finalize his appointment. FCPT's CEO, Bill Lenehan, expressed gratitude to Morgan and excitement for Wernig's new role, highlighting his expertise in capital markets and acquisitions.

MILL VALLEY, Calif.--(BUSINESS WIRE)-- Four Corners Property Trust (NYSE:FCPT), a real estate investment trust primarily engaged in the ownership of high-quality, net-leased restaurant and retail properties (“FCPT” or the “Company”), announced today that it plans to promote Patrick Wernig, Managing Director of Acquisitions, to Chief Financial Officer subject to his appointment by the Board of Directors (the “Board”).

Mr. Wernig, following a transitional period and subject to his appointment by the Board, will succeed Gerry Morgan as Chief Financial Officer subsequent to the release of the Company’s financial results for the quarter ending March 31, 2024. Mr. Morgan will retire effective May 3, 2024, and assume an interim advisory role within the Company to facilitate the transition. Mr. Wernig has been with the Company since 2016 and has led the Company’s acquisition team since 2018. Prior to FCPT, Mr. Wernig spent several years in J.P. Morgan’s investment banking group focused on clients in the real estate and gaming sectors.

Bill Lenehan, CEO of FCPT, said, “I would like to thank Gerry for his service as CFO. Gerry helped us grow from our spin-off from Darden in 2015 to the ownership of over 1,100 properties. Gerry has been instrumental in making FCPT what it is today, and we wish him all the best in the future.” Mr. Lenehan continued, “I couldn’t be more excited to have Patrick step into the CFO role at FCPT. Patrick was one of our very first hires and brings both institutional knowledge and a deep understanding of capital markets and our acquisitions process.”

Gerry Morgan said, “I am proud of all that we have accomplished over my tenure at FCPT and want to thank Bill and the Board for their support in this process. I am leaving FCPT in great hands with Patrick and the rest of the executive team. FCPT is a special place and I look forward to its continued success. I’d be remiss not to call out Niccole Stewart, the Company’s Chief Accounting Officer, and thank her for her accounting expertise and her partnership over the years.”

John Moody, Chair of FCPT’s Board, said, “Gerry has been a great financial steward for FCPT, and we are sad to see him go. We are excited for what the future holds with Patrick as CFO and look forward to a smooth transition.”

About FCPT

FCPT, headquartered in Mill Valley, CA, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use in the restaurant and retail industries. Additional information about FCPT can be found on the website at www.fcpt.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding the Company’s intent, belief or expectations, including, but not limited to, statements regarding: operating and financial performance, announced transactions, expectations regarding the making of distributions and the payment of dividends, and the effect of pandemics on the business operations of the Company and the Company’s tenants and their continued ability to pay rent in a timely manner or at all. Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s)” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made and, except in the normal course of the Company’s public disclosure obligations, the Company expressly disclaims any obligation to publicly release any updates or revisions to any forward-looking statements to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are based on management’s current expectations and beliefs and the Company can give no assurance that its expectations or the events described will occur as described. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240307456194/en/

Four Corners Property Trust:

Bill Lenehan, 415-965-8031

CEO

Gerry Morgan, 415-965-8032

CFO

Source: Four Corners Property Trust

FAQ

Who is being promoted to Chief Financial Officer at Four Corners Property Trust?

Patrick Wernig is being promoted to Chief Financial Officer at FCPT.

When will Gerry Morgan retire from his position at FCPT?

Gerry Morgan will retire effective May 3, 2024.

What is Patrick Wernig's background prior to joining FCPT?

Patrick Wernig spent several years in J.P. Morgan's investment banking group focused on real estate and gaming sectors.

Who will succeed Gerry Morgan as Chief Financial Officer at FCPT?

Patrick Wernig will succeed Gerry Morgan as Chief Financial Officer at FCPT.

When will Patrick Wernig assume the role of Chief Financial Officer at FCPT?

Patrick Wernig will assume the role of Chief Financial Officer subsequent to the release of the Company's financial results for the quarter ending March 31, 2024.