Now Reading
Equity One Adopts New Corporate Governance Initiatives and Appoints Independent Lead Director
Equity One Adopts New Corporate Governance Initiatives and Appoints Independent Lead Director
Published 12-04-03
Submitted by Equity One, Inc.
Mr. Cooney has been a Director of the Company since November 1997. He currently serves as a partner of Cooney, Schroeder & Company, Inc., a private financial consulting firm he founded in February 1997. From 1977 until January 1997, Mr. Cooney was Managing Director, Equity Capital Markets at Credit Suisse First Boston. Mr. Cooney is a graduate from the College of the Holy Cross and received an M.B.A. from the Harvard Business School. As Lead Director, Mr. Cooney will serve as a liaison between the independent directors and management and will lead the regularly scheduled, separate sessions of theindependent directors.
The Board currently consists of nine directors in three classes of three directors each, with the terms of the three classes scheduled to expire at the Annual Meeting of Stockholders in 2004, 2005 and 2006, respectively. Pursuant to the decision to declassify the Board, those six directors whose terms currently expire beyond the 2004 Annual Meeting of Stockholders have agreed to resign just prior to the 2004 Annual Meeting of Stockholders and, together with the three directors whose terms are expiring (and assuming their nomination by the Nominating and Corporate Governance Committee), stand for election at the 2004 Annual Meeting of Stockholders for a one-year term.
The Company currently has an Audit Committee and a Compensation Committee. Each of these committees, together with the newly created Nominating and Corporate Governance Committee, will consist solely of independent directors. The Board has charged each of the committees with the goal of adopting or updating existing charters to be presented to the Board for approval at its next quarterly meeting.
The Audit Committee consists of four independent directors, and is responsible for engaging the external auditors of the Company, including approving their compensation, overseeing the integrity of the Company's financial statements as well as its compliance with legal and regulatory requirements.
The Compensation Committee consists of three independent directors and is responsible for setting the appropriate compensation for the Company's senior management as well as the independent directors.
The Nominating and Corporate Governance Committee has been established with four independent directors and will be responsible for identifying individuals qualified to serve as directors, recommending corporate governance guidelines to the Board and leading the Board in its annual review of the Board's performance as well as the performance of the individual directors.
Currently, the nine-member board consists of Chaim Katzman, Chairman and Chief Executive Officer of Equity One; Doron Valero, President and Chief Operating Officer of Equity One; and seven independent directors as follows:
- Noam Ben-Ozer, Chairman and Founder, i-phrase Technology, Inc.
- Robert L. Cooney, Former Managing Director, Credit Suisse First Boston;Partner, Cooney, Schroeder & Company, Inc.
- Patrick L. Flinn, private investor
- Nathan Hetz, Chief Executive Officer, Alony Hetz Properties & Investments, Ltd.
- Dr. Peter Linneman, Albert Sussman Professor of Real Estate, Finance and Public Policy, The Wharton School, University of Pennsylvania
- Dr. Shaiy Pilpel, President, Patten Model, Ltd.
- Dori Segal, President, Gazit-Globe (1982) Ltd.; President and Chief Executive Officer, First Capital Realty, Inc.
About Equity One, Inc.
Equity One is a real estate investment trust that principally acquires, renovates, develops and manages neighborhood and community shopping centers anchored by national and regional supermarket chains and other necessity-oriented retailers such as drug stores or discount retail stores. Our 19.7 million square foot portfolio consists of 183 properties located primarily in metropolitan areas of the southern United States, encompassing 124 supermarket-anchored shopping centers, 11 drug store-anchored shopping centers, 41 other retail-anchored shopping centers, two commercial properties and five retail developments, as well as non-controlling interests in two unconsolidated joint ventures. For additional information, please visit our web site at http://www.equityone.net.
Forward Looking Statements
Certain matters discussed by Equity One in this press release constitute forward-looking statements within the meaning of the federal securities laws. Although Equity One believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that these expectations will be achieved. Factors that could cause actual results to differ materially from current expectations include changes in macro-economic conditions and the demand for retail space in Florida, Texas, Georgia and the other states in which Equity One owns properties; the continuing financial success of Equity One's current and prospective tenants; continuing supply constraints in its geographic markets; the availability of properties for acquisition; the success of its efforts to lease up vacant properties; the effects of natural and other disasters; the ability of Equity One successfully to integrate the operations and systems of acquired companies and properties; and other risks, which are described in Equity One's filings with the Securities and Exchange Commission.
For additional information at the Company:
Howard Sipzner, CFO 305-947-1664
