The RMR Group Announces Retirement of Executive Vice President David Blackman

Rhea-AI Summary

The RMR Group Inc. (Nasdaq: RMR) announces the retirement of Executive Vice President David M. Blackman, effective June 30, 2021, with his resignation as an executive officer on December 31, 2020. Blackman's roles will be transitioned to other personnel to ensure continuity. Adam Portnoy, CEO, expressed gratitude for Blackman's 11 years of service, highlighting his positive impact on the company. The RMR Group LLC manages approximately $32.0 billion in assets, with over 2,100 properties and nearly 45,000 employees across the U.S.

Positive

• David M. Blackman's 11 years of service contributed positively to company culture and leadership development.
• The well-planned transition of Blackman's responsibilities indicates strong internal leadership.

Negative

• None.

NEWTON, Mass.--(BUSINESS WIRE)--The RMR Group Inc. (Nasdaq: RMR) today announced that David M. Blackman, Executive Vice President, will be retiring from RMR on June 30, 2021 and that he will be resigning as an executive officer of RMR and its managed companies effective December 31, 2020.

Mr. Blackman’s roles and responsibilities at RMR and its managed companies will be assumed by other RMR personnel. To ensure a smooth transition, Mr. Blackman will remain a non-executive employee of RMR until his retirement on June 30, 2021.

Adam Portnoy, a Managing Director, President and Chief Executive Officer of RMR, made the following statement:

“We congratulate David on his retirement and thank him for 11 years of dedicated service to RMR and its managed companies. David has positively impacted so many facets of our company, fostering a strong set of core values, as well as mentoring and inspiring the next generation of leaders at RMR. As a result, I am confident that we have identified the right leaders to assume David’s roles at RMR and its managed companies and that we have established a thoughtful transition plan that we will execute over the coming months.”

The RMR Group Inc. is a holding company, and substantially all of its business is conducted by its majority-owned subsidiary, The RMR Group LLC. The RMR Group LLC is an alternative asset management company that primarily provides management services to publicly traded REITs and real estate operating companies. As of June 30, 2020, The RMR Group LLC had $32.0 billion of total assets under management, including over 2,100 properties, and employed over 600 real estate professionals in more than 30 offices throughout the United States; and the companies managed by The RMR Group LLC collectively had nearly 45,000 employees. The RMR Group Inc. is headquartered in Newton, Massachusetts.