LXP Industrial Trust Appoints Derrick Johnson to Board of Trustees

Rhea-AI Summary

LXP Industrial Trust has appointed Derrick Johnson to its Board of Trustees, effective immediately. With extensive experience in operations and strategy, Johnson previously served as Senior Vice President at Agiliti and has 20 years of experience with UPS, including a role as President of the Southeast. This appointment reflects LXP's commitment to enhancing its board with experienced and diverse perspectives. His expertise in supply chain and logistics is expected to align with LXP's focus on warehouse and distribution investments.

Positive

• Derrick Johnson's extensive background in logistics and operations is expected to enhance strategic decision-making.
• The appointment reflects LXP's commitment to board diversity and experienced perspectives.
• The board now consists of nine trustees, with seven independent members added since 2015, strengthening governance.

Negative

• None.

Johnson Adds Strategy and Operations Expertise in the Logistics Sector

NEW YORK, July 21, 2022 (GLOBE NEWSWIRE) -- LXP Industrial Trust (NYSE:LXP) (“LXP”), a real estate investment trust (REIT) focused on single-tenant industrial real estate investments, today announced the appointment of Derrick Johnson to its Board of Trustees, effective immediately.

Mr. Johnson, Senior Vice President of Operations at Agiliti, brings extensive experience across strategy, marketing, business development, finance and operations within organizations ranging from startups to Fortune 50 corporations. Prior to joining Agiliti, Mr. Johnson spent 20 years with United Parcel Service (UPS) in a variety of strategic and operational roles, including as President of the Southeast.

“We are pleased to have Derrick Johnson join our Board of Trustees,” said T. Wilson Eglin, Chairman, Chief Executive Officer and President of LXP. “Derrick’s appointment reflects the Board’s commitment to continual refreshment and ensuring its members have experienced, diverse and independent perspectives. His background and knowledge of supply chain issues, logistics and operations in a company with a large platform like UPS aligns well with our warehouse and distribution focus. We look forward to working with Derrick and believe his insights will be valuable as we continue to execute on our business plan to maximize shareholder value.”

The appointment of Mr. Johnson increases the size of LXP’s Board to nine trustees, of which seven independent trustees have been added since 2015. 

ABOUT LXP INDUSTRIAL TRUST

LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on single-tenant warehouse and distribution investments across the United States. LXP seeks to expand its portfolio through acquisitions, development projects, and build-to-suit and sale/leaseback transactions. For more information or to follow LXP on social media, visit www.lxp.com.

Contact:
Investor or Media Inquiries for LXP Industrial Trust:
Heather Gentry, Senior Vice President, Investor Relations
LXP Industrial Trust
Phone: (212) 692-7200
E-mail: hgentry@lxp.com

FAQ

Who is Derrick Johnson and what is his role at LXP?

Derrick Johnson has been appointed to the Board of Trustees of LXP Industrial Trust, bringing expertise in operations and strategy from his previous roles, including Senior Vice President at Agiliti and significant experience at UPS.

What expertise does Derrick Johnson bring to LXP?

Johnson brings extensive experience in strategy, marketing, business development, finance, and operations, particularly in the logistics sector, which aligns with LXP's focus on warehouse and distribution.

How does Derrick Johnson's appointment impact LXP's Board of Trustees?

Johnson's appointment increases the board to nine members, enhancing its diversity and experience in strategic decision-making related to supply chain and logistics.

What is the significance of adding new trustees to LXP's Board?

Adding new trustees like Johnson signifies LXP's commitment to board refreshment and strengthening governance through diverse and independent perspectives.

What is LXP Industrial Trust's primary focus?

LXP Industrial Trust primarily focuses on single-tenant warehouse and distribution investments across the United States, aiming to expand through acquisitions and development projects.