– USA, GA – Preferred Apartment Communities, Inc. (NYSE: APTS) today announced the appointment of President and CEO Joel Murphy to the additional position of Chairman of the Board.
“On behalf of the Board of Directors, we are pleased to announce that Joel Murphy has been named Chairman of the Board at PAC. Joel is a true leader in the real estate industry, which was proven most recently with his leadership in 2020. Under Joel’s guidance, the Company’s core business remained consistent through the pandemic, and at the same time, he has led and continues to lead the execution of the strategic transformation and simplification of our structure and balance sheet. Joel’s leadership and experience are great assets for the Board as the Company continues to execute on its efforts to create long term value. We look forward to his expanded role in providing oversight, direction, and leadership to the full Board,” commented Howard McLure, the Lead Independent Director.
Concurrently, the Board also unanimously appointed Howard McLure to continue to serve as its Lead Independent Director.
Mr. Murphy added, “I am honored to have been elected as PAC’s Chairman of the Board and I look forward to continuing to work with the Board, our experienced leadership team, and our talented associates to execute our business strategies. I also look forward to working closely with Howard as our Lead Independent Director. His experience and wise counsel have been invaluable to us as we navigated the pandemic and our strategic transformation. Howard is a seasoned corporate and governance professional and has been and will continue to be a productive partner in driving a high-performance board.”
About Joel Murphy
Mr. Murphy has served as the CEO since January 2020, and as a member of the Board of Directors since May 2019. Before he was appointed CEO of the Company, Mr. Murphy served as CEO of New Market Properties, LLC, the subsidiary of the Company that owns the grocery-anchored retail investments. He also has served as Chair of the Investment Committee for the Company since June 2018. Mr. Murphy has over 30 years of experience as an executive officer, principal, and advisor in multifamily and retail projects, portfolios, and investments.
About Howard McLure
Mr. McLure has served on the Board of Directors since March 31, 2011. In addition, since January 1, 2014, Mr. McLure has been the Lead Independent Director. Mr. McLure has also served in various executive management roles throughout his over 30-year career, including serving as EVP of CVS Caremark Corporation (NYSE: CVS) and President of Caremark Pharmacy Services, a division of CVS Caremark Corporation, where he was responsible for all sales and operations of the division. Mr. McLure also served in executive management and financial roles at Caremark, Rx, before its merger with CVS. Mr. McLure continues to serve on the Board of Vituro Health, LLC.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery-anchored shopping centers and Class A office buildings. Preferred Apartment Communities’ investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of March 31, 2021, the Company owned or was invested in 117 properties in 13 states, predominantly in the Southeast region of the United States.
For more information: https://pacapts.com/
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