Piedmont Office Realty Trust appointed three new board members, enhancing its leadership with significant industry experience.
Quiver AI Summary
Piedmont Office Realty Trust, Inc. has announced the appointment of three new members to its Board of Directors: Deneen Donnley, Senior Vice President and General Counsel at Consolidated Edison; Stephen E. Lewis, retired Chair and CEO of Troutman Pepper; and Jeffrey J. Donnelly, CEO of DiamondRock Hospitality. With these additions, the board now comprises ten members. Donnley brings extensive legal experience from her roles at Consolidated Edison and USAA, while Lewis has a robust legal background with Troutman Pepper, focusing on strategic transactions. Donnelly, a CFA charter holder, has a strong finance and management background from DiamondRock Hospitality and previous experience at Wells Fargo and AEW Capital Management. Board Chair Kelly H. Barrett expressed enthusiasm about the diverse perspectives and skills the new members will contribute.
Potential Positives
- Appointment of highly experienced professionals to the Board of Directors, enhancing governance and strategic oversight.
- The addition of members with diverse backgrounds in law and real estate, potentially opening new avenues for business growth and partnerships.
- Piedmont's recognition as a 2024 ENERGY STAR Partner of the Year – Sustained Excellence, highlighting its commitment to sustainability and operational efficiency.
- Expansion of the board to ten members, which may improve decision-making and bring varied perspectives to the company’s strategies.
Potential Negatives
- Potential perception of lack of continuity or stability in leadership with the recent appointments to the Board of Directors, as it may indicate a shift in strategic direction or management style.
- The announcement does not provide information on the reasons for the board changes or their impact on company strategy, which could raise concerns among investors about governance and transparency.
- By adding three new members to its board, the company may face scrutiny regarding the effectiveness of decision-making and oversight, especially if investors perceive it as diluting the existing board's experience or cohesion.
FAQ
Who are the new members of Piedmont's Board of Directors?
The new board members are Deneen Donnley, Stephen E. Lewis, and Jeffrey J. Donnelly.
What is the current size of Piedmont’s Board of Directors?
Piedmont's Board of Directors now consists of ten total members.
What roles did Deneen Donnley hold before joining Piedmont's Board?
Before joining, Deneen Donnley served as Executive Vice President and Chief Legal Officer at USAA.
What experience does Stephen E. Lewis bring to the board?
Stephen E. Lewis is a former CEO of Troutman Pepper with extensive legal industry experience.
What is Jeffrey J. Donnelly's background in real estate investment?
Jeffrey J. Donnelly was previously the CFO and is now the CEO of DiamondRock Hospitality.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PDM Hedge Fund Activity
We have seen 112 institutional investors add shares of $PDM stock to their portfolio, and 122 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- FULLER & THALER ASSET MANAGEMENT, INC. removed 2,803,579 shares (-99.9%) from their portfolio in Q4 2024, for an estimated $25,652,747
- VISION CAPITAL CORP added 1,389,477 shares (+65.0%) to their portfolio in Q4 2024, for an estimated $12,713,714
- NUVEEN ASSET MANAGEMENT, LLC removed 988,771 shares (-55.8%) from their portfolio in Q4 2024, for an estimated $9,047,254
- HUDSON BAY CAPITAL MANAGEMENT LP added 845,098 shares (+58.8%) to their portfolio in Q4 2024, for an estimated $7,732,646
- PRUDENTIAL FINANCIAL INC added 699,339 shares (+34.6%) to their portfolio in Q4 2024, for an estimated $6,398,951
- INVESCO LTD. removed 684,102 shares (-45.5%) from their portfolio in Q4 2024, for an estimated $6,259,533
- WELLINGTON MANAGEMENT GROUP LLP added 546,242 shares (+35.0%) to their portfolio in Q4 2024, for an estimated $4,998,114
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
Atlanta, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Piedmont Office Realty Trust, Inc. (NYSE:PDM) (“Piedmont”), a real estate investment trust (REIT), announced today the following appointments to its Board of Directors: Deneen Donnley, Senior Vice President and General Counsel, Consolidated Edison (NYSE: ED); Stephen E. Lewis, Retired Chair and Chief Executive Officer of Troutman Pepper; and Jeffrey J. Donnelly, Chief Executive Officer and Director of DiamondRock Hospitality (NYSE: DRH). With these three appointments, Piedmont’s board of directors now consists of ten total members.
Deneen Donnley:
Ms. Donnley currently serves as Senior Vice President and General Counsel for Consolidated Edison, one of the nation’s largest investor-owned energy delivery companies, a role she has held since 2020. Prior to joining Consolidated Edison, Ms. Donnley served as Executive Vice President, Chief Legal Officer, and Corporate Secretary for USAA, a Fortune 150 diversified financial services company, where she was a strategic advisor to the Chief Executive Officer and to the board of directors. Further, she serves on the board of directors of M1 Finance, Girls Inc. of New York City, the Leadership Council on Legal Diversity, Fordham Law Alumni Association, and is a member of the General Counsel Steering Committee of the National Association of Corporate Directors.
Stephen E. Lewis:
Mr. Lewis is the former Chair and Chief Executive Officer of Troutman Pepper, a national law firm. During his 33-year career with Troutman Pepper, Mr. Lewis served in a myriad of leadership roles, including Managing Partner and Corporate Department Chair, ultimately culminating with his appointment as Chair and Chief Executive Officer in 2016. He served in that role through 2023 and retired from the firm at the end of 2024. During Mr. Lewis’ tenure at Troutman Pepper, he represented clients across a wide range of industries, helping them evaluate and execute strategic transactions and navigate day-to-day business issues, specifically including mergers and acquisitions, joint ventures, and general corporate matters. Mr. Lewis currently serves on the board of directors and nominating committee of the UNC School of Law Alumni Association.
Jeffrey J. Donnelly, CFA:
Mr. Donnelly currently serves as Chief Executive Officer and member of the board of directors of DiamondRock Hospitality, a self-advised REIT owning a leading portfolio of geographically diversified hotels concentrated in leisure destinations and top gateway markets. Prior to his appointment as Chief Executive Officer in 2024, Mr. Donnelly served as DiamondRock’s Executive Vice-President and Chief Financial Officer beginning in 2019. Prior to joining DiamondRock, Mr. Donnelly was a Managing Director at Wells Fargo Securities, LLC and its predecessors for 22 years. Additionally, Mr. Donnelly spent seven years at AEW Capital Management, LP, as an Asset Manager and Capital Markets Officer, where he managed 12 million square feet of retail, office, multifamily, industrial and land assets and negotiated property sales, securitizations, and financings totaling more than $2 billion. Mr. Donnelly serves on the National Association of Real Estate Investment Trust's (NAREIT) Advisory Board of Governors, American Hotel & Lodging Association's (AHLA) Board of Directors, and is a founder of The Rubinstein-Taybi Syndrome Children’s Foundation. He is a CFA charter holder.
Commenting on the appointments, Piedmont’s Chair of the Board, Kelly H. Barrett said, “This is an exciting moment in Piedmont’s lifecycle, as well as for our board of directors. Each of our new appointees brings a unique perspective and skill set to the boardroom, and we very much look forward to working with these outstanding individuals.”
About Piedmont Office Realty Trust
Piedmont Office Realty Trust, Inc. (NYSE: PDM) is an owner, manager, developer, redeveloper, and operator of high-quality, Class A office properties located primarily in the Sunbelt. Its approximately $5 billion, predominantly unencumbered portfolio is currently comprised of approximately 16 million square feet. The Company is a fully integrated, self-managed real estate investment trust (REIT) with local management offices in each of its markets. Piedmont is a 2024 ENERGY STAR Partner of the Year – Sustained Excellence. For more information, see www.piedmontreit.com.
Shareholder Services/Transfer Agent Services Contact:
Computershare, Inc.
866-354-3485
investor.services@piedmontreit.com
This article was originally published on Quiver News, read the full story.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
