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Industrial Logistics Properties Trust Elects June Youngs to Board of Trustees
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Rhea-AI Summary
Industrial Logistics Properties Trust (Nasdaq: ILPT) has appointed June S. Youngs as an Independent Trustee, bringing the board to seven members with 71% independence, 29% women, and 14% from underrepresented communities. Youngs, with over 30 years in logistics, previously served as Vice President of Corporate Logistics at CVS Health. Her extensive background in supply chain management is expected to enhance ILPT's operational expertise, particularly in logistics. This strategic addition aligns with ILPT's focus on expanding its portfolio of high-quality distribution properties.
Positive
Appointment of June S. Youngs adds significant logistics industry expertise to the ILPT Board.
Board composition includes 71% independent trustees, indicating strong governance.
Enhanced diversity with 29% women and 14% from underrepresented communities on the board.
Negative
None.
Expanded Board Includes 71% Independent Trustees, 29% Women and 14% Members of Underrepresented Communities
NEWTON, Mass.--(BUSINESS WIRE)--
Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced that it has elected June S. Youngs to its Board of Trustees as an Independent Trustee, effective immediately. With the addition of Ms. Youngs, ILPT’s Board now includes seven Trustees, consisting of approximately 71% Independent Trustees, 29% women and 14% members of underrepresented communities.
Ms. Youngs recently retired as Vice President of Corporate Logistics for CVS Health, where she was responsible for all aspects of corporate logistics, including planning, budgeting and analysis, distribution services, logistics quality and compliance oversight, industrial engineering, continuous improvement and supply chain transformation. Previously, Ms. Youngs served as Vice President of Distribution Operations, responsible for oversight of Distribution Center Operations for nearly 4,000 CVS Health retail locations, as well as nine distribution centers. Prior to joining CVS in 2014, Ms. Youngs was the Director of North American Supply Chain for Ocean Spray Cranberries, responsible for the planning, implementation and optimization of all activities required for the delivery of raw materials through finished products. Earlier in her career, Ms. Youngs served as Senior Vice President of Global Supply Chain and Logistics for Hasbro and as Director of Transportation and Distribution Services for Nabisco.
Ms. Youngs is on the board of visitors of Northeastern University’s D’Amore-McKim School of Business and served on the Supply Chain Advisory Boards for both Northeastern University and the University of Rhode Island. Ms. Youngs is a past Vice Chair and Board Member of the New England Chapter of the National Industrial Transportation League and the Council of Supply Chain Management Professionals. Ms. Youngs also served on the CVS Health Diversity Management Leadership Council, which is primarily responsible for leading, championing and executing on the company’s Strategic Diversity Management strategy.
An expert in the logistics industry listed in the Who’s Who of American Women, Ms. Youngs was named one of the Top 20 Logistics’ Professionals in 2000 and received the “Women of Influence in the Northeast” award from the Griffin Report of Food Marketing in 2007. Ms. Youngs has been featured in Chief Logistics Officer Magazine and was the first female chairperson of the National Industrial Transportation League in their 90-year history.
Adam Portnoy, Chair of ILPT’s Board, made the following statement on today’s announcement:
“The other trustees join me in welcoming June to the ILPT Board. June has more than 30 years of experience in supply chain management and corporate logistics across multiple industries and a range of Fortune 500 companies, including at CVS where she was responsible for half of the company’s distribution network. The ILPT Board gains significant logistical operating expertise with June’s addition and we look forward to benefitting from her insight and experience.”
Korn Ferry assisted ILPT’s Nominating and Governance Committee in identifying June S. Youngs as a candidate for the Board.
About Industrial Logistics Properties Trust
Industrial Logistics Properties Trust (Nasdaq: ILPT) is a real estate investment trust, or REIT, focused on owning and leasing high quality distribution and logistics properties that serve the growing needs of e-commerce. As of December 31, 2021, ILPT’s portfolio consisted of 288 properties containing 34 million rentable square feet in 31 states. More than 70% of ILPT’s annual rental revenues are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. On February 25, 2022, ILPT closed its acquisition of Monmouth Real Estate Investment Corporation, adding 126 Class A, single tenant, net leased, e-commerce focused industrial properties containing over 26 million square feet of space. ILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company. ILPT is headquartered in Newton, MA. For more information, visit ilptreit.com.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
