|By PR Newswire||
|February 7, 2014 04:12 PM EST||
BOSTON, Feb. 7, 2014 /PRNewswire/ -- STAG Industrial, Inc. (the "Company") (NYSE:STAG) today announced that Gregory W. Sullivan, Chief Financial Officer and Executive Vice President of the Company since its initial public offering in 2011, has notified the Company of his intention not to renew his contract at its expiration on April 20, 2014. While Mr. Sullivan has resigned from his position as CFO effective April 21, 2014, he will remain engaged by the Company as its Senior Financial Advisor for one year to ensure a smooth transition.
Mr. Sullivan noted: "I have thoroughly enjoyed my years at STAG and I am proud of all that we have accomplished since my original involvement with its predecessor back in 2003. We have been successful in building a very strong Company and many of my personal goals for the Company have now been realized. I am confident that the Company has a bright future. I am looking forward to continuing to help STAG successfully execute its plan and finding other similar opportunities that intrigue me."
Benjamin S. Butcher, Chief Executive Officer of the Company commented: "Greg has made invaluable contributions to the Company since its inception, through the IPO process and now with our first three years as a public company. He has been instrumental in establishing our solid financial standing (including an investment grade rating) as we have continued our rapid growth. We are grateful for his contributions, his ongoing assistance and wish him well in his future endeavors."
The Company will engage an executive search firm to undertake a search for a successor Chief Financial Officer. During this transition period, William Crooker will continue performing his role as the Company's Chief Accounting Officer with respect to the Company's accounting and reporting functions.
About STAG Industrial, Inc.
STAG Industrial, Inc. is an industrial operating company focused on the acquisition, ownership and management of single-tenant, net-leased industrial properties located throughout the United States. The Company's portfolio consists of 209 properties in 34 states with approximately 38.1 million rentable square feet.
For additional information, please visit the Company's website at www.stagindustrial.com.
SOURCE STAG Industrial, Inc.