Service Properties Trust Elects Rajan Penkar to Board of Trustees
13 Junho 2023 - 5:30PM
Business Wire
Expanded Eight-Member Board Includes Six
Independent Trustees, Two Women, and Two Members of
Underrepresented Communities
Service Properties Trust (Nasdaq: SVC) today announced that it
has elected Rajan Penkar to its Board as an Independent Trustee,
effective immediately. With the addition of Mr. Penkar, SVC’s Board
now has eight Trustees, including six independent Trustees, two of
whom are women, and two of whom are members of underrepresented
communities.
Mr. Penkar has served as president and founder of Supply Chain
Advisory Services, LLC, which provides e-commerce and omni-channel
supply chain design and optimization services to retailers, since
2014. From 2011 to 2014, Mr. Penkar served as senior vice president
and president, supply chain, for Sears Holding Corporation, an
integrated retailer. In this position, Mr. Penkar was accountable
for all aspects of the supply chain, including global sourcing,
retail and e-commerce distribution and fulfillment, global
transportation, inventory management, and inside-the-home delivery
and installation of appliances and big-ticket merchandise. Before
joining Sears Holding Corporation, Mr. Penkar held various
positions of increasing responsibility with United Parcel Service,
Inc. from 1987 to 2011, most recently serving as president, UPS
Customer Solutions. Mr. Penkar holds a certificate in cybersecurity
oversight from Carnegie Mellon University and the National
Association of Corporate Directors. Mr. Penkar’s experience also
includes having previously served on the board of directors of U.S.
Concrete, Inc., USA Truck Inc. and TravelCenters of America
Inc.
Adam Portnoy, Chair of SVC’s Board of Trustees, made the
following statement on today’s announcement:
“Raj brings to SVC’s Board his extensive experience as a leader
in supply chains across diverse industries, in addition to broad
capital markets and significant public company board experience.
With the addition of Raj, the SVC Board is comprised of 75% of
independent trustees and 25% members of underrepresented
communities. The rest of the Board joins me in welcoming Raj.”
About Service Properties Trust:
Service Properties Trust (Nasdaq: SVC) is a real estate
investment trust, or REIT, with over $11 billion invested in two
asset categories: hotels and service-focused retail net lease
properties. As of March 31, 2023, SVC owned 220 hotels with over
37,000 guest rooms throughout the United States and in Puerto Rico
and Canada, the majority of which are extended stay and select
service. As of March 31, 2023, SVC also owned 765 retail
service-focused net lease properties totaling over 13.3 million
square feet throughout United States. SVC is managed by The RMR
Group (Nasdaq: RMR), an alternative asset management company with
over $37 billion in assets under management as of March 31, 2023
and more than 35 years of institutional experience in buying,
selling, financing and operating commercial real estate. SVC is
headquartered in Newton, MA. For more information, visit
www.svcreit.com.
A Maryland Real Estate Investment Trust with
transferable shares of beneficial interest listed on the Nasdaq. No
shareholder, Trustee or officer is personally liable for any act or
obligation of the Trust.
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version on businesswire.com: https://www.businesswire.com/news/home/20230613528669/en/
Stephen Colbert, Director, Investor Relations (617) 231-3223
Service Properties (NASDAQ:SVC)
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