Business Context and Reporting Period
This Form 8-K filing by Inland American Real Estate Trust, Inc. (not Inventrust Properties Corp.) reports corporate governance changes effective January 27, 2012, and February 1, 2012. The filing was submitted on February 2, 2012.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Resignation: Lori J. Foust resigned as Treasurer and Principal Financial Officer on January 27, 2012, citing a desire to pursue other interests after 25 years in the industry. She has no disagreements with management.
- Promotion: Jack Potts was promoted to Treasurer and Principal Financial Officer of the Company, and Chief Financial Officer of the Business Manager, effective February 1, 2012. He previously served as Principal Accounting Officer.
- Appointment: Anna Fitzgerald was appointed as Principal Accounting Officer of the Company and Chief Accounting Officer of the Business Manager, effective February 1, 2012, to fill the vacancy left by Mr. Potts.
Outlook, Risks, and Management Commentary
Ms. Foust agreed to remain with the Business Manager for approximately sixty days to assist with the transition of her responsibilities. A consulting agreement is planned between the Business Manager and Ms. Foust. Management confirmed that the appointments were not made pursuant to any arrangement with other persons and that neither appointee has material interests in current or proposed transactions. Executive officers are not separately compensated; their compensation is covered under general management fees.
Investor Verification Checklist
- Verify the exact terms of the consulting agreement to be entered into with Ms. Foust.
- Confirm the transition timeline for the transfer of financial responsibilities from Ms. Foust to Mr. Potts.
- Review the Company's next periodic report (10-K or 10-Q) for the first financial results under the new leadership structure.