Kransdorf was appointed chairman for a five-year term when the company wasfounded on June 20, 2000. Brown said Kransdorf had been "a non-executivechairman, not involved in day-to-day operations of the business. He wasinterested in becoming more active in the business," Brown continued. "So, considering theimportance that is now placed on having an independent chairman, it wasmutually agreed that his contract with the company be terminated, eventhough there were a couple of years left."
Kransdorf will remain as a trustee and member of the board through theduration of his existing term. Meanwhile, H. Irwin Levy, a trustee, wasnamed acting board chairman. Brown said Kramont is seeking a permanent, independent boardchairman.
According to the REIT's Form 8-K filing with the SEC, Kransdorf will receivea payout of approximately $290,000, plus two $75,000 bonuses.
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