CommonWealth REIT removes full board of trustees

A special meeting to elect a new board will be called on or before May 23, according to a statement by the Newton, Mass., real estate investment trust.
APR 15, 2014
CommonWealth REIT confirmed the removal of its entire board of trustees after receiving written consent from the required two-thirds of shareholders. A special meeting to elect a new board will be called on or before May 23, according to a statement released Tuesday by the Newton, Mass.,based real estate investment trust. A campaign for removal of the board was led by investors Corvex Management LP and Related Cos. The New York-based firms have proposed a new slate of board candidates led by billionaire investor Sam Zell and David Helfand, co-president of Zell’s Equity Group Investments. Corvex and Related, which together own 9.6% of CommonWealth, began their campaign to oust the trustees a year ago. They argued that the ownership of an external management firm by CommonWealth President Adam Portnoy and his father, Barry, a company founder, led to conflicts of interest and underperformance at the real estate investment trust. Both Portnoys have been directors of CommonWealth, which pays fees to the management company. Corvex and Related said last week they had votes from 81% of shares to remove the board. Mr. Zell and Mr. Helfand have agreed to serve as CommonWealth’s chairman and chief executive officer, respectively, if they are chosen for the new board. (Bloomberg News)

Latest News

Volatility has been roiling the markets. But advisors have got the tools to deal with it
Volatility has been roiling the markets. But advisors have got the tools to deal with it

Market volatility can be stressful, but it also represents opportunity for advisors and their clients.

JPMorgan's succession clock is ticking — and this time, insiders say it's real
JPMorgan's succession clock is ticking — and this time, insiders say it's real

After years of mixed signals and shifting timelines from Jamie Dimon, Wall Street sources suggest the race to lead JPMorgan Chase has entered its decisive stretch.

How FINRA's updated gift rule forces firms to rethink compliance workflows
How FINRA's updated gift rule forces firms to rethink compliance workflows

Advisors and broker-dealers adjusting to the March 2026 threshold change face bigger challenges around back-end monitoring than the new dollar limit itself.

Has Corient expanded again with another international acquisition?
Has Corient expanded again with another international acquisition?

Wealth management firm has seen an aggressive period of growth in the past year.

AI spending in asset management tops $100m as agent adoption stalls
AI spending in asset management tops $100m as agent adoption stalls

Survey reveals widening gap between investment ambition and workforce readiness across the sector

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.