Monogram Residential Trust, Inc. (NYSE: MORE) ("Monogram" or the "Company"), an owner, operator and developer of luxury apartment communities with a significant presence in select coastal markets across the United States, today announced that W. Benjamin Moreland has been appointed to the Monogram Board of Directors (the "Board"), effective May 1, 2016. With the addition of Mr. Moreland and the expected reduction in the size of the Board following the Company's 2016 Annual Meeting of Stockholders, the Monogram Board will be composed of nine directors, six of whom are independent.
"Ben brings a wealth of REIT industry expertise, as well as significant board and leadership experience, to Monogram," said Alan Patton, Chairman of the Board. "This appointment reflects our ongoing commitment to adding independent directors who bring critical skills and fresh perspectives to enhance the depth and breadth of the Board. Since March 2016, we have added three new independent directors to the Board. We are confident that Monogram will benefit from Ben's insights and experience and look forward to benefitting from the many contributions he will make."
Mr. Moreland said, "I am pleased and honored to be appointed to serve on the Monogram Board. Monogram is at an important strategic inflection point in its trajectory as the Company continues to focus on strong operations and stabilizing its development properties. I look forward to collaborating with the Board and management team as we work together to realize Monogram's substantial value potential and position the Company for long-term success."
W. Benjamin Moreland has served as President and Chief Executive Officer of Crown Castle International Corp. ("Crown Castle"), one of the largest REITs in the United States, since July 2008 and on Crown Castle's Board of Directors since August 2006. Prior to that, he served as Crown Castle's Chief Financial Officer. Effective June 1, 2016, Mr. Moreland will assume the role of Executive Vice Chairman of Crown Castle as part of an internal CEO succession plan. Mr. Moreland joined Crown Castle in 1999 after 15 years with Chase Manhattan Bank and predecessor banks, primarily in corporate finance and real estate investment banking.
Mr. Moreland is a member of the board and former chairman of PCIA-The Wireless Infrastructure Association and also serves on the boards of directors of Calpine Corporation, the Greater Houston Partnership and Houston Methodist Hospital. He is a member of the executive board of the National Association of Real Estate Investment Trusts (NAREIT) and is a member of the University of Texas McCombs School of business advisory council. Mr. Moreland holds a BBA from The University of Texas at Austin and an MBA from The University of Houston.
