STAG Industrial, Inc. announced that its Board of Directors had appointed Steven T. Kimball as Executive Vice President—Real Estate Operations, effective when Mr. Kimball joins the Company this spring.
Mr. Kimball will lead the Company’s asset management and construction departments. He will concentrate his efforts on maximizing returns from the Company’s existing assets and guiding its development program.
“We look forward to Steve Kimball joining STAG and maintaining our focus on same-store performance and portfolio operations,” said Bill Crooker, the Company’s President and Chief Executive Officer. “Steve will be a great addition to senior management and will help us unlock further value from our properties.”
The Company also announced that Mr. Butcher’s employment agreement would expire at the end of its current one-year term on June 30, 2023, when he will retire as Executive Chairman of the Board. Mr. Butcher will continue to serve on the Board as a director.
Effective July 1, 2023, the Company appointed Larry T. Guillemette as independent Chairman of the Board. Mr. Guillemette currently serves as the Lead Independent Director of the Board.
“Our multi-year management succession plan, which included the retirement of Steve Mecke, our Chief Operating Officer, at the end of 2022, will conclude with Mr. Kimball’s assumption of Mr. Mecke’s former responsibility for asset management and Ben’s full retirement from management this summer. Ben will remain a valued resource as a director, for which I am grateful,” said Bill Crooker. “I would like to thank Steve Mecke for his dedicated service to the Company and its predecessor. STAG’s success, including achievement of the succession plan, depended on the many contributions of Mr. Mecke.”
Mr. Kimball currently serves as Executive Director at PGIM Real Estate, overseeing asset management of a Northeastern industrial property portfolio, including active joint venture development projects. Before joining PGIM in 2021, Mr. Kimball worked for Prologis, Inc. (formerly AMB Property Corporation) for over 25 years (1995 to 2021). He served as Managing Director, Head of Operations, East Region (2014 to 2021) and in a similar role as Senior Vice President, Head of Operations, East Region (2005 to 2014). Mr. Kimball held other asset management positions with AMB, including Senior Vice President, Regional Manager, Chicago. Before 1995, Mr. Kimball held positions with financial and insurance companies involving real estate assets. Mr. Kimball holds a Bachelor of Science degree from University of Vermont and a Master of Business Administration from University Colorado Boulder.