Vornado Promotes Jan LaChapelle to Executive Vice President – Head of Capital Markets
Vornado Realty Trust (NYSE: VNO) announced the promotion of Jan LaChapelle to Executive Vice President – Head of Capital Markets as of April 15, 2021. LaChapelle, who joined Vornado in 2014, previously served as Senior Vice President of Capital Markets and has a decade of experience at Wells Fargo’s real estate banking group. She succeeds Mark Hudspeth, who is leaving for a role at Blackstone Real Estate. This management change is pivotal in steering Vornado's capital markets strategy amid ongoing market challenges from the COVID-19 pandemic.
- Promotion of Jan LaChapelle represents management continuity and potential for strategic growth in capital markets.
- Departure of Mark Hudspeth could lead to uncertainty in Vornado's capital markets operations during transition.
- Ongoing COVID-19 pandemic continues to adversely affect business operations and financial performance.
NEW YORK, April 15, 2021 (GLOBE NEWSWIRE) -- Vornado Realty Trust (NYSE:VNO) announced today the promotion of Jan LaChapelle, age 44, to Executive Vice President – Head of Capital Markets. Ms. LaChapelle joined Vornado in 2014 and was most recently Senior Vice President of Capital Markets. Prior to joining Vornado, Ms. LaChapelle was a member of Wells Fargo’s real estate banking group for ten years. Ms. LaChapelle will report to Michael J. Franco, Vornado’s President and Chief Financial Officer.
Ms. LaChapelle succeeds Mark Hudspeth who is leaving Vornado to become Head of U.S. Capital Markets at Blackstone Real Estate.
Vornado Realty Trust is a fully-integrated equity real estate investment trust.
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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, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. For a discussion of factors that could materially affect the outcome of our forward-looking statements and our future results and financial condition, see “Risk Factors” in Part I, Item 1A, of our Annual Report on Form 10-K for the year ended December 31, 2020. Such factors include, among others, risks associated with the timing of and costs associated with property improvements, financing commitments and general competitive factors. Currently, one of the most significant factors is the ongoing adverse effect of the COVID-19 pandemic on our business, financial condition, results of operations, cash flows, operating performance and the effect it has had and may continue to have on our tenants, the global, national, regional and local economies and financial markets and the real estate market in general. The extent of the impact of the COVID-19 pandemic will depend on future developments, including the duration of the pandemic, which are highly uncertain at this time but that impact could be material. Moreover, you are cautioned that the COVID-19 pandemic will heighten many of the risks identified in "Item 1A. Risk Factors" in Part I of our Annual Report on Form 10-K for the year ended December 31, 2020.
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