Retail Opportunity Investments Corp. Announces Changes to Board of Directors

Rhea-AI Summary

Retail Opportunity Investments Corp. (NASDAQ:ROIC) announced that Edward H. Meyer will not stand for re-election as an independent director but will continue as director emeritus. Angela K. Ho, Senior VP and Chief Accounting Officer of OceanFirst Bank, has been elected as an independent director, effective March 1, 2021. The company emphasizes the significant contributions of Meyer since its inception, while expressing enthusiasm for Ho's appointment, highlighting her extensive experience in banking and accounting.

Positive

• Angela K. Ho brings extensive banking and accounting expertise, enhancing the Board's capabilities.
• Ho's prior accolades indicate strong leadership potential.

Negative

• Edward H. Meyer's departure could create a gap in experienced leadership on the Board.

SAN DIEGO, March 02, 2021 (GLOBE NEWSWIRE) -- Retail Opportunity Investments Corp. (NASDAQ:ROIC) announced today that Edward H. Meyer, a long-tenured independent director, has advised the Board that he will not stand for re-election. Mr. Meyer will continue to serve the company as director emeritus. Additionally, Angela K. Ho, Senior Vice President and Chief Accounting Officer of OceanFirst Bank, has been elected as an independent director to the Board, effective March 1, 2021.

Richard A. Baker, Chairman of the Board of ROIC, and Stuart A. Tanz, President and Chief Executive Officer of ROIC, together stated, “On behalf of the Board, we would like to express our deepest, most sincere gratitude to Mr. Meyer for his years of dedicated service, dating back to ROIC’s inception. His leadership, business acumen and invaluable contributions over the years have been instrumental in the company’s growth and success. We are very pleased that Mr. Meyer will continue to advise the Board in his capacity as director emeritus.” Baker and Tanz also stated, “We are absolutely delighted to welcome Angela to the Board. She is a distinguished and accomplished rising leader in the banking and accounting industries who will no doubt be a valuable asset to the Board and ROIC for years to come.”

Ms. Ho currently serves as Senior Vice President and Chief Accounting Officer of OceanFirst Bank. She previously served as Vice President and Controller at Northfield Bank and Accounting Policy Manager at Signature Bank, after starting her career at KPMG in the New York Financial Services Practice. Ms. Ho is a New York Certified Public Accountant and a Chartered Global Management Accountant. She is an active member of the American Institute of Certified Public Accountants (AICPA) and currently serves on the AICPA Governing Council. Ms. Ho has been awarded American Banker’s 2020 Next List, Asian American Business Development Center’s 2018 Outstanding 50 Asian Americans in Business, and New Jersey Bankers Association’s 2015 New Leaders in Banking. Ms. Ho received a B.S. in Accounting from University of Massachusetts Amherst and an M.B.A. from The Wharton School of the University of Pennsylvania.

ABOUT RETAIL OPPORTUNITY INVESTMENTS CORP.

Retail Opportunity Investments Corp. (NASDAQ: ROIC), is a fully-integrated, self-managed real estate investment trust (REIT) that specializes in the acquisition, ownership and management of grocery-anchored shopping centers located in densely-populated, metropolitan markets across the West Coast.  As of December 31, 2020, ROIC owned 88 shopping centers encompassing approximately 10.1 million square feet.  ROIC is the largest publicly-traded, grocery-anchored shopping center REIT focused exclusively on the West Coast.  ROIC is a member of the S&P SmallCap 600 Index and has investment-grade corporate debt ratings from Moody's Investor Services, Standard & Poor’s, and Fitch Ratings, Inc.  Additional information is available at: www.roireit.net.

When used herein, the words "believes," "anticipates," "projects," "should," "estimates," "expects," “guidance” and similar expressions are intended to identify forward-looking statements with the meaning of that term in Section 27A of the Securities Act of 1933, as amended, and in Section 21F of the Securities and Exchange Act of 1934, as amended. Certain statements contained herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results of ROIC to differ materially from future results expressed or implied by such forward-looking statements. Information regarding such risks and factors is described in ROIC's filings with the SEC, including its most recent Annual Report on Form 10-K, which is available at: www.roireit.net.

Contact:
Ashley Rubino, Investor Relations
858-677-0900
arubino@roireit.net

FAQ

What changes were announced regarding the Board of Retail Opportunity Investments Corp. (ROIC)?

Edward H. Meyer will not seek re-election and will serve as director emeritus, while Angela K. Ho has been elected as a new independent director.

Who is the new independent director of ROIC?

Angela K. Ho, previously Senior VP and Chief Accounting Officer of OceanFirst Bank, was elected as an independent director, effective March 1, 2021.

What is the significance of Edward H. Meyer's departure from ROIC's Board?

Meyer's long tenure provided valuable experience; his departure may create a leadership gap.

What qualifications does Angela K. Ho bring to ROIC?

Angela K. Ho has significant experience in banking and accounting, with accolades including American Banker’s 2020 Next List.