– USA, MD – Corporate Office Properties Trust (NYSE:OFC) has completed its previously announced CEO succession. Effective today, Stephen E. Budorick has been appointed President and Chief Executive Officer, succeeding Roger A. Waesche, Jr. and Mr. Waesche has also concluded his service as a Trustee on COPT’s Board. The Board of Trustees has appointed Mr. Budorick to a one year term on the Board.
“I am proud of what we have achieved together during my tenure at COPT and grateful to have worked with so many talented individuals. I am excited to watch the Company continue to succeed with Steve at the helm,” said Mr. Waesche.
“On behalf of the Board of Trustees, I want to thank Roger for his extraordinary service over 30 years at the Company, including the last four as CEO,” stated Thomas F. Brady, Chairman of COPT’s Board of Trustees. “Roger led COPT through substantial upgrades to its portfolio and balance sheet. We are grateful for his decades of contributions that have positioned COPT for long-term success.”
Mr. Budorick has served as COPT’s Executive Vice President and Chief Operating Officer since September 2011. Prior to joining COPT, Mr. Budorick was Executive Vice President of Asset Management at Callahan Capital Partners and also served as Executive Vice President at Trizec Properties, Inc. and Executive Vice President in charge of third-party management and leasing at Miglin Beitler Management Company.
About Corporate Office Properties Trust (COPT)
COPT is an office REIT that owns, manages, develops and selectively acquires office and data center properties in locations that support United States Government agencies and their contractors, most of whom are engaged in national security, defense and information technology related activities servicing priority missions. We also own a complementary portfolio of traditional Class-A office properties located in select urban/urban-like submarkets within our regional footprint. As of March 31, 2016, we derived 86% of core portfolio annualized revenue from Defense/IT Locations and 14% from our Regional Office Properties. As of March 31, 2016, our core portfolio of 153 office properties encompassed 16.6 million square feet and was 93.3% leased.
- Disclaimer - News, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.
