Phillips Edison & Company, Inc. (NASDAQ: PECO) has announced the appointment of Devin Murphy to its board of directors, effective July 2, 2024. The board increased in size from nine to ten members to accommodate this appointment.
Devin Murphy previously served as the President of PECO from August 2019 to December 31, 2023, and prior to that, he was the Chief Financial Officer from June 2013 to August 2019. He has an extensive background in investment banking, with 27 years of experience, including senior leadership roles at Morgan Stanley and Deutsche Bank.
Murphy's appointment to the board was based on his expertise in public company management, corporate and operational finance, strategic planning, business development, integrity, judgment, and leadership skills.
It's worth noting that Murphy will retire from the company effective July 1, 2024, and as a result, he will not be considered "independent" under applicable rules of NASDAQ and the SEC at the time of his appointment.
As of March 31, 2024, PECO managed 304 shopping centers, including 284 wholly-owned centers comprising 32.4 million square feet across 31 states and 20 shopping centers owned in one institutional joint venture.
Phillips Edison & Company, Inc. is focused on creating omni-channel, grocery-anchored shopping experiences and improving communities, with a national footprint of well-occupied shopping centers featuring a mix of national and regional retailers providing necessity-based goods and services in fundamentally strong markets throughout the United States. Following these announcements, the company's shares moved -0.3%, and are now trading at a price of $32.6. For the full picture, make sure to review Phillips Edison &'s 8-K report.
