PS Business Parks, Inc. Announces Election of Two New Directors

Rhea-AI Summary

PS Business Parks, Inc. (NYSE:PSB) has appointed Dan "Mac" Chandler, III and Irene H. Oh to its Board of Directors, effective April 20, 2021. Mr. Chandler, 53, previously served as the Executive Vice President and Chief Investment Officer at Regency Centers Corporation before becoming the Company’s President and CEO on April 5, 2021. Ms. Oh, 43, brings extensive experience from her role as Executive Vice President and CFO at East West Bancorp since 2010. The Chairman of the Board, Ronald L. Havner, Jr., expressed confidence in their ability to provide valuable insights to the Board.

Positive

• Mac Chandler's extensive real estate investment experience may strengthen the company's strategic direction.
• Irene Oh's background in finance could enhance financial oversight and decision-making.

Negative

• Concerns about continuity as new members may take time to align with the existing board dynamics.

PS Business Parks, Inc. (NYSE:PSB) (the “Company”) announced today that its Board of Directors elected Dan “Mac” Chandler, III and Irene H. Oh to the Board of Directors effective April 20, 2021.

Mr. Chandler, 53, has been the Company’s President and Chief Executive Officer since April 5, 2021. Mr. Chandler previously served as Executive Vice President and Chief Investment Officer of Regency Centers Corporation (NASDAQ:REG).

Ms. Oh, 43, has served as Executive Vice President and Chief Financial Officer of East West Bancorp, Inc. and East West Bank (NASDAQ: EWBC) (“East West”), a bank holding company that operates over 120 locations in the U.S. and China, since January 2010. She held various leadership roles at East West since joining in 2004. Prior to joining East West, Ms. Oh held positions at Deloitte and Goldman Sachs. Ms. Oh serves on the board and the audit committee of the United Way Greater Los Angeles.

Ms. Oh holds a Bachelor of Arts in Art from California State University, Los Angeles and a Master of Accounting from University of Southern California and is a certified public accountant.

“We are pleased to welcome Mac Chandler and Irene Oh to the PS Business Parks Board of Directors,” said Ronald L. Havner, Jr., the Company’s Chairman of the Board. “With Mac’s deep experience in real estate investment and Irene’s extensive financial and banking expertise, they will both bring valuable perspective to our Board. I look forward to their expert advice and counsel as members of our Board of Directors.”

Company Information

PS Business Parks, Inc., a member of the S&P MidCap 400, is a real estate investment trust that acquires, develops, owns, and operates commercial properties, primarily multi-tenant industrial, flex, and office space. As of March 31, 2021, the Company wholly owned 27.8 million rentable square feet with approximately 5,000 commercial customers in six states. The Company also held a 95.0% interest in a 395-unit apartment complex and a 98.2% interest in a development of a 411-unit multifamily apartment complex.

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/20210422006127/en/

FAQ

What is the recent management change at PS Business Parks?

PS Business Parks appointed Dan "Mac" Chandler, III and Irene H. Oh to its Board of Directors on April 20, 2021.

What are the backgrounds of the new board members at PS Business Parks?

Dan Chandler has experience in real estate investment, serving as President and CEO since April 2021. Irene Oh has a strong financial background as CFO at East West Bancorp since 2010.

What impact might the new board members have on PS Business Parks?

The new members may bring valuable insights and expertise, potentially improving strategic decision-making and financial oversight.