PS Business Parks, Inc. Announces Departure of John W. Petersen, Executive Vice President and Chief Operating Officer

Rhea-AI Summary

PS Business Parks, Inc. (NYSE: PSB) announced the resignation of John W. Petersen as Executive Vice President and Chief Operating Officer, effective around June 11, 2021. Petersen has been with the company since December 2004, contributing significantly during challenging times. The company expressed gratitude for his leadership and stated that other executives will temporarily take over his duties while a search for a new COO is conducted. PSB is a real estate investment trust focused on multi-tenant industrial properties and has approximately 5,000 tenants across its 98 properties.

Positive

• John W. Petersen's 17-year tenure contributed significantly to the company's growth and shareholder value.
• The company's management team is expected to ensure seamless operations during the transition.

Negative

• The resignation of a key executive may create uncertainty in the company's operational strategy.

PS Business Parks, Inc. (NYSE:PSB) (the “Company”) announced today that John W. Petersen will resign as Executive Vice President and Chief Operating Officer of the Company on or about June 11, 2021. Mr. Petersen has served as Executive Vice President and Chief Operating Officer since he joined the Company in December 2004.

“J.P.’s extraordinary efforts over the nearly 17 years he has been part of the team, and his leadership over the last year—one of the most difficult operating environments in our Company’s history—have positioned the Company for continued growth and delivery of significant shareholder value. We are grateful for his hard work and dedication, and we wish him the best in his future endeavors,” said Chairman of the Board, Ronald L. Havner, Jr.

“On behalf of the entire PSB team, I would like to thank J.P. for his meaningful contributions over the years and wish him great fulfillment in his next chapter,” said Mac Chandler, President and Chief Executive Officer. Other members of the Company’s executive and divisional management teams will assume Mr. Petersen’s responsibilities while the Company conducts an internal and external search for a new Chief Operating Officer. “Our Company’s deep bench and strong and talented divisional management team will ensure seamless and continued execution of our operating strategy,” Mr. Chandler added.

Company Information

PS Business Parks, Inc. (NYSE: PSB), an S&P MidCap 400 company, is a real estate investment trust that acquires, develops, owns, and operates commercial properties, predominantly multi-tenant industrial, industrial flex, and low-rise suburban office. Located primarily in major coastal markets, the Company’s 98 properties include approximately 5,000 tenants, in 28 million square feet, and approximately 800 residential units inclusive of units in-process.

Additional information about PS Business Parks, Inc. is available on the Company’s website, which can be found at psbusinessparks.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210513005989/en/

FAQ

Who is resigning from PSB, and when?

John W. Petersen is resigning as Executive Vice President and Chief Operating Officer of PS Business Parks, effective around June 11, 2021.

How long did John W. Petersen serve at PSB?

John W. Petersen served at PS Business Parks for nearly 17 years since December 2004.

What impact might John W. Petersen's resignation have on PSB?

Petersen's resignation may create uncertainty regarding the company's operational strategy during the transition to a new COO.

What is PS Business Parks known for?

PS Business Parks is a real estate investment trust that focuses on acquiring, developing, and operating commercial properties, primarily multi-tenant industrial and suburban office spaces.