MEMPHIS, Tenn.--(BUSINESS WIRE)--
EdR (EDR), a leader in the ownership, development and management of quality collegiate housing, today announced that executive vice president and chief financial officer Randall H. Brown has resigned effective June 30, 2014 in order to pursue other business opportunities. The financial affairs of the Company will be managed by the existing executive management team until a successor CFO is appointed.
Randy joined EdR’s predecessor in June 1999 as chief financial officer and treasurer and was later promoted to executive vice president. He will continue to direct EdR’s finance activities as CFO until his departure date.
“Randy helped marshal the Company through its initial public offering and has been a steady hand throughout his tenure with the Company,” said Randy Churchey, president and chief executive officer. “As CFO, he has helped keep the Company in growth mode by pursuing flexible financing sources while maintaining acceptable leverage ratios. Randy has been a real asset to EdR and has been a key contributor in the Company’s ongoing success. We wish him the best in the next chapter of his career.”
Mr. Brown added, “I have had a terrific and rewarding experience at EdR, but after 15 years I’m looking forward to exploring some new opportunities. I’m confident that under Randy’s leadership, and with the talented team at EdR, the Company will continue to prosper in the years ahead.”
The Company has engaged Spencer Stuart, an executive search consulting firm, to evaluate internal and external candidates for its new chief financial officer. The Company will conduct a thorough and prudent search and announce a successor once a qualified candidate is identified.
EdR (EDR) is one of America's largest owners, developers and managers of collegiate housing. EdR is a self-administered and self-managed real estate investment trust that owns or manages 69 communities with over 38,000 beds that serve 57 universities in 23 states. For more information please visit the Company's website at www.EdRtrust.com. The information contained on, or accessible through, the Company’s website is not incorporated by reference into this press release.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Statements about the Company's business that are not historical facts are "forward-looking statements." Forward-looking statements are based on current expectations. You should not rely on our forward-looking statements because the matters they describe are subject to known and unknown risks and uncertainties that could cause the Company's future results, performance, or achievements to differ significantly from the results, performance, or achievements expressed or implied by such statements. Such risks are set forth under the captions "Item 1A. Risk Factors" and "Forward-Looking Statements" in our annual report on Form 10-K and under the caption "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" (or similar captions) in our quarterly reports on Form 10-Q, and as described in our other filings with the Securities and Exchange Commission. Forward-looking statements speak only as of the dates on which they are made, and, except as may be required by law, the Company undertakes no obligation to update publicly or revise any guidance or other forward-looking statement, whether as a result of new information, future developments, or otherwise, except as required by law.
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