VANCOUVER, Feb. 23,
2023 /PRNewswire/ -- City Office REIT, Inc.
(NYSE: CIO) ("City Office" or the "Company") today announced the
appointment of a new member to the Company's Board of Directors
(the "Board") and changes to Board roles.
Michael Mazan, a finance and
investment industry veteran, has been appointed to the Board,
effective today. Mr. Mazan joins the Board with over 30 years
of experience in investing, management consulting and investment
banking. Currently, Mr. Mazan serves as a founding partner of
KingsPeak Partners, a boutique private equity investment
firm. Prior to that, from 1999 to 2018, Mr. Mazan was a
partner at Birch Hill Equity Partners, a leading private equity
firm, where he was responsible for all parts of the investment
lifecycle, with a focus on portfolio company building and
governance. From 1992 to 1999, Mr. Mazan held various finance
and consulting roles at prominent firms, including Credit Suisse
First Boston and McKinsey and Company. Mr. Mazan also has extensive
experience serving as a director for various private and publicly
listed companies, having served on 12 boards during his career.
Mr. Mazan will join the Board's Audit Committee as its
Chairman.
Further, as part of the Company's long term succession planning,
the Board has approved the appointment of John Sweet as Chairman of the Board, effective
today. Mr. Sweet has served as an Independent Director of the
Company since 2017 and is currently the Chairman of the Investment
Committee. Mr. Sweet's contributions to the Company to date
and his exceptional real estate industry knowledge base, along with
prior experience leading a public company board, make Mr. Sweet an
excellent fit as Chairman of the Board. Mr. Sweet assumed the
role from John McLernon who is
continuing to serve as an Independent Director of the Company.
In addition, William Flatt,
effective today, will step down from the Board after nearly ten
years of service to the Board. Since the Company's initial
public offering in 2014, Mr. Flatt has been a valuable contributor
to the Company's growth and strategic execution, and the Board
thanks him for his outstanding service.
John Sweet commented, "I am
honored to serve as the new Chairman of the Board, and as a first
order of business I would like to express the Company's excitement
at the appointment of Michael Mazan
to the Board and the Company's gratitude to John McLernon for his tenure as Chairman and his
continued service as an Independent Director. John has led
the Board with sage strategic insight and guidance since the
Company's inception and we look forward to his continued
contributions. We also highly anticipate the future
contributions from Michael, who is thoroughly respected by his
industry peers and brings a successful governance and investing
track record. Finally, I'd like to express the Company's
sincere gratitude to Will for his years of dedication, insight and
positive contributions."
With the addition of Mr. Mazan as an Independent Director and
the departure of Mr. Flatt, the Company's Board will consist of six
Directors, five of whom the Board of Directors has determined meet
the independence standards of the NYSE Listed Company Manual and
the Company's corporate governance guidelines.
About City Office REIT, Inc.
City Office REIT is an internally-managed real estate company
focused on acquiring, owning and operating high-quality office
properties located predominantly in Sun Belt markets. City Office
currently owns or has a controlling interest in 6.0 million square
feet of office properties. The Company has elected to be taxed as a
real estate investment trust for U.S. federal income tax
purposes.
Forward-looking Statements
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995
that are based on management's current expectations, assumptions
and beliefs. Forward-looking statements can often be identified by
words such as "anticipate," "expect," "intend," "may" and similar
expressions, and variations or negatives of these words. They are
not guarantees of future results and are subject to risks,
uncertainties and assumptions that could cause actual results to
differ materially from those expressed in any forward-looking
statement. Factors that could cause actual results to differ
materially include, among other things, changes to CIO's expected
liquidity position and the risk factors set forth in CIO's Annual
Report on Form 10-K for the year ended December 31, 2022 and subsequent filings with the
Securities and Exchange Commission. The statements made herein
speak only as of the date of this press release, and, except as
required by law, CIO does not undertake any obligation to publicly
update or revise any forward-looking statements.
Contact
City Office REIT, Inc.
Anthony Maretic, CFO
+1-604-806-3366
investorrelations@cityofficereit.com
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SOURCE City Office REIT, Inc.