CenterPoint Properties Gives Update on Executive's Employment
15 Junio 2005 - 4:17PM
Business Wire
CenterPoint Properties Trust (NYSE:CNT) today provided an update on
the employment status of Executive Vice President and Chief
Operating Officer, Paul T. Ahern. On June 9, 2005, the Company
advised Mr. Ahern that his rejection of pay as well as other
actions appear to demonstrate that he has resigned as of May 15,
2005 and the Company is treating him as such. In a lawsuit filed by
Mr. Ahern, he has taken the position that he was constructively
terminated by the Company on April 13, 2005. As previously
disclosed, the Board of Trustees is continuing its investigation
into whether Mr. Ahern has violated certain Company policies and
whether there are grounds for termination for cause, regardless of
his apparent resignation. Sean Maher continues to perform Mr.
Ahern's responsibilities pending the resolution by the Board of
these issues. Martin Barber, Co-Chair of the Board of Trustees
commented, "As the Board addresses this issue, we have every
confidence in Mike Mullen and the team's continued performance and
leadership. They will continue to run the business smoothly and in
the best interest of the shareholders. We look forward to the
Company sustaining its above average earnings growth." About
CenterPoint Properties Trust CenterPoint is a publicly traded real
estate investment trust (REIT) and the largest industrial property
company in the 1.4-billion-square-foot Chicago regional market. As
of March 31, 2005, the Company owned and operated approximately
40.1 million square feet and the Company and its affiliates owned
or controlled an additional 3,329 acres of land upon which
approximately 52 million square feet could be developed. The
Company is focused on providing unsurpassed tenant satisfaction and
adding value to its shareholders through customer driven
management, investment, development and redevelopment of warehouse,
distribution, light manufacturing buildings and logistics
infrastructure. The first major REIT to focus on the industrial
property sector, CenterPoint had a total market capitalization of
approximately $3.0 billion as of March 31, 2005. Statements in this
release, which are not historical, may be deemed forward-looking
statements under federal securities laws. There can be no assurance
that future results will be achieved and actual results could
differ materially from forecasts and estimates. Factors that could
cause actual results to differ materially are general business and
economic conditions, completion of pending acquisitions,
competitive market conditions, weather, pricing of debt and equity
capital markets and other risks inherent in the real estate
business. Such factors and others are listed in the Company's Form
10-K and 10-Qs.
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