Due to a lack of shareholder votes, seven out of nine board members of PREIT have tendered their resignations, and while they are not official, it could prove to be detrimental for the regional mall owner, writes Paul Schwedelson for the Philadelphia Business Journal.
Among the resigners were Chairman and CEO Joseph Coradino, Temple University Interim President JoAnne Epps, George Alburger, Michael DeMarco, Mark Pasquerilla, Charles Pizzi, and John Roberts. Each received more withheld votes than votes for as they were up for reelection. PREIT’s proxy statement requires that board members who get more withheld votes than votes for must tender their resignations.
However, under PREIT’s corporate governance, the resignations will be considered. Whether or not they are accepted, the board members cannot participate in the process.
This shakeup comes after years of PREIT’s financial struggles. The company currently has almost $1 billion of debt and was delisted from the New York Stock Exchange in December 2022. To combat this, PREIT has been trying to sell its assets, including the Exton Square Mall after a previous agreement with Brandywine Realty Trust fell through.
Read more about the resignations at the Philadelphia Business Journal.