After a month's long effort leading up to the annual stockholder meeting of Apartment Investment and Management Company, or Aimco, activist CRE investor Land & Buildings saw partial success in its attempt to place directors on the former's board.
Michael Stein, chairman of Aimco's investment committee, which was at the heart of Land & Buildings' criticisms of the company, is now out. Taking his board position, although not automatically the committee position, is Jim Sullivan, a long-time REIT analyst who had been at Green Street Advisors for 26 years until his retirement.
Not elected was Michelle Applebaum, who Land & Buildings had praised as "a shareholder advocate for more than 30 years" and someone "well-positioned to help Aimco improve its corporate governance, make smarter investment decisions, and regain credibility among the investment community."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
