TEJON RANCH, Calif.--(BUSINESS WIRE)--Sep. 12, 2014--
Tejon Ranch Co. (NYSE: TRC) today announced that its Board elected
Robert A. Alter, Steven A. Betts, and Frederick C. Tuomi as new
Directors of the Company to address the retirement of two of its
long-serving members. The three new Directors were elected at a
September 11, 2014 meeting of the Board. The new Directors are:
Robert Alter, President, Seaview Investors, LLC, Newport
Beach, CA. Mr. Alter is Chairman Emeritus and Founder of Sunstone Hotel
Investors (NYSE:SHO). He is one of the premier hotel investment and
management executives in the hospitality industry. During the 22-year
period of Mr. Alter’s position as CEO, Sunstone acquired 125 hotel
properties with over 20,000 guest rooms and led the disposition of 80
hotels. Mr. Alter oversaw approximately $1 billion of renovations and
brand conversions and built seven ground-up hotels, including the JW
Marriott Cherry Creek.
Mr. Alter received a B.S. in Hotel Administration from Cornell
University School of Hotel Administration.
Steven A. Betts, President, Chanen Development Company, an
affiliate of the award-winning, full-service construction organization,
Chanen Construction, headquartered in Phoenix and operating throughout
the U.S. More recently, he served as the Chief Executive Officer of
PhoenixMart, a 1.7 million square foot multi-category, manufacturer
product-sourcing center and served as the Senior Vice President and
Managing Director of Assets for the ASU Foundation. Previous to these
endeavors, Mr. Betts was President and CEO of SunCor Development
Company, a half-billion dollar plus asset base subsidiary of the
publicly traded Pinnacle West Capital Corporation, and developer of
master planned communities throughout the Mountainwest and large-scale
commercial projects in Metropolitan Phoenix. Mr. Betts holds numerous
board and committee posts, including Chairman of the Interstate 11
Coalition, Trustee and Board member of The Nature Conservancy, and
Chairman of the Urban Land Institute-Arizona District Council Governance
Committee.
Mr. Betts received his law degree with honors from DePaul University and
a B.A. with honors from Augustana College.
Frederick Tuomi, Chief Operating Officer, Colony American Homes,
Inc., Scottsdale, AZ. Mr. Tuomi is responsible for the company’s
operations including construction, renovation, marketing, leasing,
property management, asset management, human resources, and information
technology. Colony American Homes currently owns in excess of 17,000
homes in 10 states. Mr. Tuomi most recently served as Executive Vice
President and President, Property Management for Equity Residential, a
multi-family REIT which he joined in 1994. He led the development of
Equity Residential's Property Management Group through years of rapid
growth and expansion to become the nation’s largest apartment REIT,
while helping pioneer its best in class operational platform. Prior to
Equity Residential, he was President of Residential Asset Management
Group, a subsidiary of Post Properties. Throughout his 35-year career he
served on numerous multi-family industry boards and executive
committees, including the National Multi-Housing Council, California
Housing Council, California Apartment Association and the USC Lusk
Center for Real Estate.
Mr. Tuomi received B.A. and M.B.A. degrees from Georgia State University.
“We are extremely pleased these three very capable individuals are
joining our Board of Directors,” said Chairman Kent G. Snyder. “As Tejon
Ranch Co. continues to grow as a fully integrated real estate company,
the Board—and the Company—will definitely benefit from their experience,
knowledge, and insight.”
At the Board meeting, Chairman Snyder announced his plans to retire at
the end of the year. He has been a member of the Board of Directors
since 1998. Mr. Snyder is a practicing real estate attorney in Orange
County. Also announcing his intention to retire at the end of 2014 is
George G.C. Parker. He has been a member of the Board since 1999. Mr.
Parker is the Dean Witter Distinguished Professor of Finance, Emeritus,
Graduate School of Business, Stanford University.
Following the retirements of Messrs. Snyder and Parker, in addition to
Messrs. Alter, Betts, and Tuomi, the members of the Tejon Ranch Co.
Board of Directors will be comprised of Gregory S. Bielli, President and
CEO of Tejon Ranch Co.; John L. Goolsby, private investments and real
estate; Anthony L. Leggio, President of Bolthouse Properties LLC; Norman
Metcalfe, private investments and real estate; Geoffrey L. Stack,
Managing Director of SARES-REGIS Group; Robert A. Stine, retired
President and CEO of Tejon Ranch Co.; Daniel R. Tisch, Managing Member
of Tower View LLC; and Michael H. Winer, Portfolio Manager with Third
Avenue Management LLC.
About Tejon Ranch Co. (NYSE: TRC)
Tejon Ranch Co. is a diversified real estate development and
agribusiness company, whose principal asset is its 270,000-acre land
holding located approximately 60 miles north of Los Angeles and 30 miles
south of Bakersfield. For more information on the company, visit www.tejonranch.com.
Source: Tejon Ranch Co.
Tejon Ranch Co.
Barry Zoeller
Vice President, Corporate
Communications & Marketing
(661) 663-4212
bzoeller@tejonranch.com
