NEW YORK CITY—Scott Bowman is stepping down as CEO and president of Global Net Lease Inc. on or about August 15. Succeeding him in both capacities at the REIT will be independent director James L. Nelson, who brings to GNL's management team more than two decades' experience as CEO of public and private companies.

Bowman has served as GNL's CEO since October 2014 and as its president since December 2015. The company said he is resigning to spend more time with his family and that there are no disagreements between Bowman and the company. Bowman has offered to make himself available to facilitate a smooth transition, according to GNL.

Nelson's background includes stints as CEO of Orbitex Management, a financial services company with $17 billion in assets under management and administration, and of specialty investment banking firm Eaglescliff Corp., the latter from 1986 until 2009. As a director of Icahn Enterprises LP, he provided board oversight in the acquisition and divestiture of over $1 billion in real estate assets. Nelson was also a director and member of the compensation, governance and strategic alternatives committees of Voltari Corp. from 2011 to 2015 and as chairman from 2012 to 2015.

Sue Perrotty, GNL's non-executive chairperson, notes that as in dependent director, Nelson has had “the opportunity to acquire a deep understanding of GNL's portfolio and operations with regard to its investment process, financial capacity, and currency and interest rate hedging capabilities. On behalf of the Board of Directors, we are confident that his experience in real estate and international capital markets will help further GNL in its progress as one of the premier globally-focused net lease REITs. We thank Scott for his leadership and dedication and look forward to the future of GNL and executing our well positioned business strategy under Jim's leadership.”

For his part, Nelson says that GNL is at “a positive inflection point as it enters its third year since listing as a public company” and that he's confident “we are positioned to extend GNL's success as a leader in the net lease REIT industry. GNL has in-place a dynamic business strategy and is uniquely positioned to take advantage of both domestic and international opportunities. This includes executing on the acquisition of quality assets with stellar credit, while capitalizing on attractive borrowing costs.

“Having served as a chairman of the audit committee creates a strong foundation of knowledge into GNL's corporate structure and company strategy,” Nelson continues. “I look forward to advancing these plans with the management team in an effort to increase shareholder value in the years to come.”

GNL reported a 14.5% increase in net income, a 12.8% increase in NOI and an 11.7% increase in funds from operations for the first quarter of 2017, the most recent period for which full financial reporting is available. The company's portfolio as of March 31 consisted of 312 net lease properties located in seven countries and comprised 22.2 million total square feet 100% leased to 94 tenants across 40 industries, with an average 9.5 years remaining lease term.

Instant Insights /

CEO Bowman Stepping Down at Global Net Lease

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