STAG INDUSTRIAL APPOINTS BILL CROOKER AS CEO, BEN BUTCHER AS EXECUTIVE CHAIR AND MIKE CHASE AS EVP

Rhea-AI Summary

STAG Industrial appointed William R. Crooker as Chief Executive Officer effective July 1, 2022. He will also continue as President and join the Board. Benjamin S. Butcher transitioned to Executive Chairman, maintaining a consultative role with Crooker. Additionally, Michael C. Chase was promoted to Executive Vice President while retaining his position as Chief Investment Officer. As of March 31, 2022, STAG Industrial's portfolio comprised 551 buildings across 40 states, covering approximately 110.1 million rentable square feet.

Positive

• Appointment of William R. Crooker as CEO expected to bring new leadership and direction.
• Benjamin S. Butcher's role as Executive Chairman allows for continuity and experience in corporate governance.
• Promotion of Michael C. Chase to Executive Vice President strengthens the executive team.

Negative

• None.

BOSTON, July 5, 2022 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG) today announced that, pursuant to its previously announced management succession plan, effective July 1^st the Board of Directors appointed William R. Crooker to the role of Chief Executive Officer, in addition to his current role as President, and further appointed Mr. Crooker to the Board.  As Chief Executive Officer, Mr. Crooker will lead and manage the Company's business, execute the strategies developed by management and the Board and serve as the chief spokesperson to the Company's employees, stockholders and business counterparties.  

Additionally, Benjamin S. Butcher transitioned from Chief Executive Officer to Executive Chairman of the Board.  As Executive Chairman, Mr. Butcher will manage the business of the Board, regularly consult with Mr. Crooker on key corporate matters and serve as a liaison between the Board and the management team.

The Company further announced that effective July 1^st the Board promoted Michael C. Chase to Executive Vice President, in addition to his current role as Chief Investment Officer.  Mr. Chase has served as a Senior Vice President – Acquisitions since the Company's formation and initial public offering in 2011 and has been Chief Investment Officer since 2020.  From 2003 to 2011, Mr. Chase served as Managing Director for STAG Capital Partners, LLC, the predecessor business of the Company.

About STAG Industrial, Inc.

STAG Industrial, Inc. is a real estate investment trust focused on the acquisition, ownership and operation of industrial properties throughout the United States. As of March 31, 2022, the Company's portfolio consisted of 551 buildings in 40 states with approximately 110.1 million rentable square feet.

For additional information, please visit the Company's website at www.stagindustrial.com.

Forward-Looking Statements

This press release, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe the Company's future plans, strategies and expectations, are generally identifiable by use of the words "believe," "will," "expect," "intend," "anticipate," "estimate," "should," "project" or similar expressions. Forward-looking statements in this release include statements about the Company's management team.  You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and which could materially affect actual results, performances or achievements. Factors that may cause actual results to differ materially from current expectations include, but are not limited to, the risk factors discussed in the Company's annual report on Form 10-K for the year ended December 31, 2021, as updated by the Company's quarterly reports on Form 10-Q. Accordingly, there is no assurance that the Company's expectations will be realized. Except as otherwise required by the federal securities laws, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained herein (or elsewhere) to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

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SOURCE STAG Industrial, Inc.

FAQ

Who has been appointed as the new CEO of STAG Industrial?

William R. Crooker has been appointed as the new CEO of STAG Industrial effective July 1, 2022.

What roles have been changed for Benjamin S. Butcher at STAG Industrial?

Benjamin S. Butcher transitioned from Chief Executive Officer to Executive Chairman of the Board on July 1, 2022.

Who is the new Executive Vice President at STAG Industrial?

Michael C. Chase has been promoted to Executive Vice President, effective July 1, 2022.

What is STAG Industrial's portfolio size as of March 31, 2022?

As of March 31, 2022, STAG Industrial's portfolio included 551 buildings with approximately 110.1 million rentable square feet.