CHICAGO—Inland American Real Estate Trust, Inc. has just appointed J. Michael Borden as the interim chairman of its board of directors, effective February 18. The appointment of Borden follows the retirement and voluntary resignation of Robert D. Parks as a director and chairman of the board, which was effective February 16. Inland American officials also said that Brenda Gail Gujral retired and voluntarily resigned from the board effective February 18. Parks' and Gujral's resignations were related to their retirements and not due to any disagreements, they added.
In addition, Oak Brook, IL-based Inland American reduced the size of its board from seven directors to six directors and filled the remaining board vacancy with Thomas P. McGuinness, president and chief executive officer of Inland American. McGuinness will serve on the board until the election of a successor.
“Since joining the Inland American board since its inception in 2004,” said Parks, “I am very proud of all that we have accomplished together over my tenure as chairman of the company. Brenda and I believe that Inland American is well positioned for success and now is the right time to transition board leadership as the company enters the next phase of its strategic plan.”
“We will continue to focus on building our core multi-tenant retail and student housing portfolios and work to position the company for growth,” added McGuinness.
The nominating and corporate governance committee of the board has hired a search firm to identify qualified candidates to serve on the board and as chairman. The committee will evaluate both internal and external candidates.
Borden, 77, has been an independent director of the company since October 2004. He is president and chief executive officer of Rock Valley Trucking Co., Inc., Rock Valley Leasing, Inc., Hufcor Inc. and Airwall, Inc., and chief executive officer of several other companies.
Inland American manages a portfolio of commercial real estate assets with a focus on multi-tenant retail and student housing. As of September 30, 2014 it owned 203 properties, representing about 23.5-million-square-feet of retail, industrial and office space, 8,318 student housing beds and 12,797 hotel rooms.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
