Elme Communities announced on March 19, 2025, the appointment of Ron D. Sturzenegger to its Board of Trustees, effective immediately. Mr. Sturzenegger brings over three decades of finance and real estate experience, including his previous role as Managing Director and Global Head of Real Estate, Gaming and Lodging Investment Banking at Bank of America. His appointment increases the Board to eight trustees, with seven being independent.
Mr. Sturzenegger has also been appointed to the Board's transaction committee, which is overseeing the previously announced formal evaluation of strategic alternatives. Paul T. McDermott, Chairman and CEO, highlighted Mr. Sturzenegger's expertise in advising REITs through M&A processes as beneficial to the ongoing strategic review.
In connection with this appointment, Elme entered into a cooperation agreement with Argosy-Lionbridge Management, LLC (ALM), an Elme shareholder. As part of this agreement, Elme has agreed to waive the option to classify its Board under provisions of the Maryland Unsolicited Takeover Act (MUTA), enhancing corporate governance practices.
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