KANSAS CITY, Mo.--(BUSINESS WIRE)--June 2, 2006--
Entertainment Properties Trust (NYSE:EPR), today
announced a series of management changes, including the retirement of
its chief financial officer and the promotion of two executives to
accommodate the company's growth strategy.
Fred Kennon, who has been CFO since 1999, has decided to retire
from Entertainment Properties Trust. Gregory K. Silvers, an executive
with the company since 1998, has been given the additional
responsibility of chief operating officer. Mark A. Peterson, who
joined the company in 2004, has been named vice president, chief
financial officer and treasurer.
The changes are effective June 30, 2006, said David M. Brain,
president and chief executive officer.
"We have the deepest respect and gratitude for the contributions
Fred Kennon has made to this company. His performance has set a high
bar," Brain said. "Mark Peterson's performance with the company over
the past two years leads us to expect nothing less from him." Brain
said that although Kennon is retiring, he will remain available to the
company as a consultant.
Brain said Kennon and Peterson have worked side-by-side for the
past two years developing Peterson's knowledge of the company's
operations.
"As our success and our company have grown, the company's
executive leadership requirements have evolved and increasingly must
be fully focused on our investment strategy of acquiring, financing
and leasing high quality destination properties with sustainable
consumer demand," Brain said. "We are implementing today a cohesive,
planned expansion of our management resourcefulness to sustain our
company as an industry leader."
Silvers has been the company's vice president, general counsel and
secretary since 1998 and chief development officer since 2001. From
1994 to 1998, he specialized in real estate law with the Kansas City
law firm of Stinson, Morrison Hecker, L.L.P. He received his law
degree from the University of Kansas in 1994.
"Greg's appointment to chief operating officer is a testimony to
the significant contributions he has made to our company," Brain said.
"We treasure his guidance and counsel and will increasingly rely on
him as we continue on a course of success in our markets."
Before joining Entertainment Properties Trust as vice president
for accounting and administration, Peterson was vice president of
accounting and finance at American Italian Pasta Co., a publicly
traded food manufacturer, from 1999-2004. He was chief financial
officer of J.C. Nichols Co., a real estate company headquartered in
Kansas City from 1995 until its acquisition by Highwoods Properties
Inc. in 1998. For nine years prior to that, Peterson worked in senior
audit positions for accounting firms Arthur Andersen & Co. and
Donnelly Meiners Jordan and Kline. He received a bachelor's degree
with highest honors from the University of Illinois in 1986 and is a
CPA.
"The talents of Greg, Mark and Fred have made Entertainment
Properties Trust very successful as an innovative investor in real
estate," Brain said. "With these announcements, we affirm the value
that Greg and Mark have brought to the company, and have the greatest
confidence in their continued leadership. While our relationship with
Fred is changing from executive to consultant, we look forward to
continuing to tap his considerable expertise and experience."
About Entertainment Properties Trust
Entertainment Properties Trust is a real estate investment trust
(REIT) and is the largest owner of entertainment related real estate
in North America, owning megaplex movie theatre properties,
entertainment retail centers and other specialty properties in
metropolitan markets in the United States and Canada. Since November
of 1997, Entertainment Properties Trust has acquired more than $1.4
billion of properties. The company's common shares of beneficial
interest trade on the New York Stock Exchange under the ticker symbol
EPR.
Source: Entertainment Properties Trust