In a prepared statement, Zoley says his additional responsibilities after becoming chairman and CEO of Wackenhut have made it impossible for him to continue his involvement with Correctional.
Correctional's board of trustees unanimously elected Robert R. Veach Jr. to take over as chairman. Veach, an attorney in Dallas specializing in corporate law and structured finance, also has been a trustee since the company started. He served as chairman of the audit and finance committee.
Veach's replacement as head of that committee is William M. Murphy, president of Douglas Management & Realty in Fort Lauderdale, FL. He, too, was unanimously elected. Murphy has been a trustee and member of the committee since the company began.
Veach and Murphy both have extensive backgrounds in real estate, capital markets and corporate law, according to company president and CEO Charles R. Jones.
Correctional Properties Trust raises capital to acquire new and existing national, state and local correctional facilities, which are leased directly to governmental corrections departments and to private prison operators. The company owns 13 correctional facilities in nine states, all of which are leased, with an aggregate initial design capacity of 7,282 beds.
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