InvenTrust Properties, has appointed Paula Saban as Interim Chairperson of InvenTrust’s Board of Directors, effective August 14, 2017. The appointment of Ms. Saban follows the voluntary resignation of J. Michael Borden as Chairperson of the Board. Mr. Borden’s resignation is not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Mr. Borden, former Chairperson of the Board, said, “I feel deeply privileged to have served as Chairperson of the Board of InvenTrust these past two and a half years, working closely with the talented management team and Board of Directors, we helped transform InvenTrust into a pure-play retail REIT. I look forward to continuing to work hard as a member of the Board to create shareholder value in the future.”
“We are deeply grateful to Michael for his efforts and guidance as Chairperson of InvenTrust’s Board of Directors,” said Ms. Saban. “IVT has accomplished a number of significant corporate initiatives during his term as Chairperson that have positively impacted the Company. I am excited to be taking on the role of Interim Chairperson with the same drive and passion that Mr. Borden exhibited.”
Paula Saban has been a Director of InvenTrust Properties since October 2004. She brings more than 25 years of financial services and banking industry experience to her leadership role. Ms. Saban began her career in 1978 with Continental Bank, which later merged into Bank of America. From 1978 to 1990, she held various consultative sales roles in treasury management and traditional lending areas, managed client service teams and developed numerous client satisfaction programs.
In 1990, Ms. Saban began designing and implementing various financial solutions for clients with Bank of America’s Private Bank and Banc of America Investment Services, Inc. Her clients included top management of publicly held companies and entrepreneurs. In addition to managing a diverse client portfolio, Ms. Saban was responsible for client management and overall client satisfaction. She retired from Bank of America in 2006 as a Senior Vice President/Private Client Manager. Together with her husband, Ms. Saban owns a construction products company, Newport Distribution, Inc., of which she is secretary and treasurer, and a principal stockholder.
In light of Ms. Saban’s experience in financial services and banking, among other things, our board believes that Ms. Saban has the necessary experience and insight to serve as interim Chairperson of the Board.