Essential Properties Realty Trust Inc. in Princeton on Monday announced that Paul Bossidy notified the company that, after nearly seven years as chairman of the board, he will retire effective Dec. 31. In connection with Bossidy’s retirement, the size of the board will be reduced from eight members to seven members, and the board has appointed current member Scott Estes to become its chairman upon Bossidy’s retirement.
Pete Mavoides, CEO and a director of the company, commented: “Scott has been a valuable member of our board since our (initial public offering) and I am confident he will do an excellent job in his new capacity as chairman of the board. Scott brings a wealth of experience in growing a sector-leading REIT.
“On behalf of the entire EPRT team, I would like to thank Paul for his significant contributions in helping take us from just a business plan to the company that we are today. Personally, I want to thank Paul for his mentorship to me over these years.”
Bossidy commented: “It has been a pleasure working with Pete and this management team as they have executed on delivering superior results for the company’s stockholders. I believe the company is well-positioned to continue to deliver for stockholders with Scott’s seasoned leadership of the board of directors.”
Estes commented: “I have enjoyed working closely with Paul on the EPRT board since our IPO in 2018 and wish him the best in his future endeavors. I look forward to stepping into the role of board chair and intend to work closely with both the board and the management team to continue the thoughtful stewardship of the organization and sustain our track-record of value creation for our stockholders.”