Expanded Seven-Member Board Includes Five Independent Trustees and Two Women
Demonstrates Further Progress on Board’s Multi-year Review of Governance Policies
Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced that it has elected Laura A. Wilkin, and Kevin C. Phelan to the Company’s Board of Trustees as Independent Trustees, effective immediately. The elections are in furtherance of ILPT’s previously announced multi-year review of its governance policies and that it was working with executive search firm Korn Ferry to expand and refresh the Board. With the addition of Ms. Wilkin and Mr. Phelan, ILPT’s Board now has seven Trustees, including five Independent Trustees, two of whom are women.
Ms. Wilkin has been a senior advisor to Boston Consulting Group, Inc., a management consulting firm since 2019. Previously she served as Chief Supply Chain Officer for Petco Animal Supplies, a $4 billion private-equity provider of pet supplies and services. Prior to joining Petco in 2018, she served as a logistics executive with Walmart, the world’s largest retailer, for seven years. She previously held executive supply chain roles with Gap Inc., Levi Strauss & Co. and LVMH Sephora.
Mr. Phelan is currently Co-Chairman of the Boston office of Colliers International Group, Inc., which is a leading global real estate services and investment management company, where he has worked in increasingly senior roles for more than 40 years. He currently serves on the BNY Mellon Funds Trust Board, Greater Boston Chamber of Commerce Board of Directors, the Archdiocese of Boston Finance Council Board and Providence College Board of Trustees.
Adam D. Portnoy, ILPT’s Chair of the Board of Trustees, made the following statement on today’s announcement:
"We are excited to welcome Laura and Kevin as new Independent Trustees to our Board. Both possess substantial industry experience, with Laura possessing a background in logistics and distribution and Kevin possessing a background in real estate and capital markets. Their additions expand the diversity of the Board in terms of personal characteristics, skill, experience, opinion and gender. We believe their expertise will be valuable moving forward as we continue to shape our governance policies and work to create value for shareholders."
"Last year, we announced the beginning of a multi-year process examining ILPT’s governance policies. The additions of Laura and Kevin to our Board, along with other governance initiatives, including adopting proxy access bylaws in response to shareholder requests last year, demonstrates the Board’s commitment to enhanced governance."
Korn Ferry assisted ILPT’s Nominating and Governance Committee in placing Laura A. Wilkin and Kevin C. Phelan on ILPT’s Board of Trustees.
Industrial Logistics Properties Trust is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. ILPT is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
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Olivia Snyder, Manager, Investor Relations