X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WHITE PLAINS–Ross Dworman, chairman of Acadia Realty Trust since 1998, hasresigned but said he will remain with the firm as “an active trustee” and boardmember.

Dworman’s decision to relinquish his role as chairman came the same day AcadiaRealty announced that its Board of Trustees had adopted a host of best practicecorporate governance initiatives, including the naming of Midland DevelopmentGroup chairman and CEO Lee S. Wielansky as lead trustee. Wielansky, a formerpresident and CEO of JDN Development Co., and a current director of AllegiantBancorp Inc., will serve as a liaison between the independent trustees of AcadiaRealty Trust and management.

In announcing his decision to relinquish his position as chairman, Dworman said,”It is with both sadness and joy that I step down as chairman of Acadia RealtyTrust. While I am sad to be taking a less active role in the company, into whichI put substantial resources and energy since the days of RD Capital, I amexcited to fully transition the leadership roles to Ken Bernstein, Lee Wielanskyand the Board of Trustees. I continue to believe in the future success of Acadiaunder the current management team and board, and I am happy to continue to serveas a trustee.”

Dworman was CEO of the firm from 1998 through 2000. Kenneth Bernstein is thecurrent president and CEO of Acadia Realty Trust, whichrecently relocated its corporate headquarters from Long Island to White Plains.

The firm reports that it has also adopted a number of new corporate governanceinitiatives including: the creation or reworking of three committees (audit,nominating and corporate governance and compensation) so that they are comprisedsolely of independent trustees; the prohibition of re-pricing of share options;mandating that a majority of the board be independent trustees; requiring thatall trustees own shares in Acadia; the adoption of a Senior Financial OfficerCode of Conduct and a Code of Business Conduct and Ethics as well as thecreation of a “whistleblower” policy.”

Acadia CEO Bernstein says of the new governance programs, “By adopting industrybest practices, which includes establishing an independent lead trustee andimplementing all of these important initiatives, we are continuing ourlong-standing commitment to provide complete transparency and fullaccountability to our shareholders.”

Jon Grisham, VP of investor relations for Acadia Realty Trust, adds, “These areproactive measures that we think are initiatives that put us at the forefront asit relates to best practices of corporate governance.”

Acadia Realty Trust owns 62 shopping center properties that total approximatelyfive million sf of space. The properties are located in the Northeast andMidwest.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.