The owner of the Plymouth Meeting Mall, PREIT, has some new issues resulting from its well-documented financial difficulties. The Philadelphia Business Journal reports that seven of PREIT’s board members offered their resignation after a vote of the shareholders in which they did not receive needed support. From the article:
Seven of PREIT’s nine board members have tendered their resignations due to a lack of shareholder votes, setting up what could be a major shakeup for the embattled regional mall owner.
The resignations are not official. Under PREIT’s corporate governance, the board will consider the resignation offers and make a determination as to whether to accept or reject the tendered resignations. Each trustee will recuse themself from participating in the decision regarding his or her resignation offer, the company said in a regulatory filing late Wednesday. The process must take place within 90 days of the annual meeting, which was held on June 1.
The seven board members are Chairman and CEO Joseph Coradino, Temple University Interim President JoAnne Epps, George Alburger, Michael DeMarco, Mark Pasquerilla, Charles Pizzi and John Roberts. Each has served varying lengths of time on the board.
You can read the full article here.