Getty Realty Corp. Announces the Retirement of Richard E. Montag From Its Board of Directors

Rhea-AI Summary

Getty Realty Corp. (NYSE: GTY) announces the retirement of Richard E. Montag from its Board of Directors, effective February 21, 2023. Montag served for over 12 years, contributing significantly as a member of the Audit and Compensation Committees. He previously held a senior executive role in the real estate sector, notably as Vice President at the Richard E. Jacobs Group. Getty's President, Christopher J. Constant, expressed gratitude for Montag's contributions and expertise in real estate management, stating he will be missed. As of December 31, 2022, Getty's portfolio comprises 1,039 properties across 38 states and Washington, D.C.

Positive

• Richard Montag's over 12 years of service on the Board provides a legacy of stability.
• Montag's real estate expertise contributed positively to the management of the portfolio.

Negative

• Montag's retirement may lead to a gap in experienced leadership on the Board.

NEW YORK--(BUSINESS WIRE)-- Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today that Richard E. Montag has retired from its Board of Directors, effective February 21, 2023.

Mr. Montag’s decision to retire comes after more than 12 years of service on the Company’s Board where he also served as a member of the Audit Committee and the Compensation Committee.

Prior to joining Getty’s Board, Mr. Montag had a highly successful career as a senior executive in the real estate industry, including as Vice President of Real Estate Development at the Richard E. Jacobs Group, one of the most established and respected owners, developers, and managers of commercial real estate in the U.S. Mr. Montag also served as a member of the Board of Directors of a number of prominent retail and real estate companies.

“On behalf of the Board of Directors, and all Getty employees, I want to thank Richard for serving on our Board and for his overall contributions to the Company,” commented Christopher J. Constant, Getty’s President & Chief Executive Officer. “Richard’s real estate expertise was always greatly appreciated in helping us manage all aspects of our growing portfolio. On a personal note, we will miss him and wish him all the best in his retirement.”

About Getty Realty Corp.

Getty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of December 31, 2022, the Company’s portfolio included 1,039 freestanding properties located in 38 states across the United States and Washington, D.C.

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Investor Relations

(646) 349-0822

ir@gettyrealty.com

Source: Getty Realty Corp.

FAQ

What is the reason for Richard E. Montag's retirement from Getty Realty Corp.?

Richard E. Montag retired from the Board after over 12 years of service, contributing to the Audit and Compensation Committees.

When did Richard E. Montag retire from Getty Realty Corp.?

Richard E. Montag's retirement took effect on February 21, 2023.

What impact could Montag's retirement have on Getty Realty Corp.?

Montag's retirement may create a leadership gap, potentially affecting the company's strategic direction.