LOS ANGELES, May 26, 2009 -- Maguire Properties, Inc. (NYSE: MPG), a Southern California-focused real estate investment trust, today announced that it has expanded its board and elected two directors.
The Board of Directors of the Company has been temporarily increased to nine members and Michael J. Gillfillan and Joseph P. Sullivan have been elected to fill the new directorships created on the Board.
Mr. Gillfillan currently serves as Partner of Meriturn Partners, a private equity fund that purchases controlling interests in distressed middle market manufacturing and distribution companies. He is the retired Vice Chairman and Chief Credit Officer of Wells Fargo Bank, NA, where he was responsible for all facets of credit risk management, including direct oversight of the loan workout units that had peak problem assets in excess of $7 billion. During his tenure at Wells Fargo Bank, Mr. Gillfillan also served as Vice Chairman and Group Head of the Commercial & Corporate Banking Groups and Executive Vice President, Loan Adjustment Group where he was responsible for marketing and servicing all bank loans, deposits and capital market products as well as managing the loan workout function for the bank.
Mr. Sullivan currently serves as a director of HCP, Inc., the fifth largest REIT and a member of the S&P 500. He serves as Chairman of its finance committee and pricing committee. During his tenure, HCP, Inc. has completed in excess of $10 billion of debt and equity financings to support its internal growth and acquisitions. He is also Chairman of the Board of Advisors of RAND Health, the largest nonprofit institution dedicated to emerging health policy issues. He is the retired Chairman and CEO of Protocare, Inc, a clinical trials and pharmaceutical industry consulting firm. Prior to joining Protocare, he served as Chairman and CEO of American Health Properties, Inc., a New York Stock Exchange REIT specializing in health care property investments. Previously he had been an investment banker with Goldman, Sachs & Co. for 20 years.
Further, with respect to the 2009 Annual Meeting of Stockholders of the Company, the Nominating and Corporate Governance Committee of the Board will nominate and recommend current directors Christine N. Garvey, Nelson C. Rising, George A. Vandeman, Paul M. Watson and David L. Weinstein as well as Messrs. Gillfillan and Sullivan for re-election to the Board. Jonathan M. Brooks and