CBL Properties on Monday announced a new board of directors for the Chattanooga-based shopping center developer as it emerges from bankruptcy reorganization next week.
CBL Chief Executive Stephen Lebovitz and his father, company co-founder Charles Lebovitz, will continue serving as directors, but the rest of the CBL board will be replaced with five new directors.
Jonathan Heller, partner and head of the New York office of Canyon Partners who joined the CBL board on Oct. 15, will serve as chairman.
Charles Lebovitz, who helped formed the company in 1978, will be chairman emeritus on the new board. It's the first time since the company went public in 1993 that he hasn't served as chairman, according to CBL.
The other new CBL directors who join the board on Nov. 1 include:
* Marjorie Bowen is a former managing director of the fairness opinion practice at Houlihan Lokey. She has significant experience as a board member of numerous public companies including several restructured companies in a variety of industries, according to CBL.
* David Contis is the founder and president of AGORA Advisors Inc. He has served as a board member for various companies, including his current service at Equity Lifestyle Properties Inc. He brings extensive retail real estate experience, having held executive leadership positions at Simon Property Group Inc. and The Macerich Co. Contis will serve as lead director.
* David Fields is executive vice president, chief administrative officer and general counsel for Sunset Development Co., developer of Northern California's 585-acre Bishop Ranch. He has over 30 years of experience leading operations, administration, and legal affairs for companies with large-scale branded real estate holdings.
* Robert Gifford most recently served as president and CEO of AIG Global Real Estate. Previously he was a principal with AEW Capital Management, holding leadership positions in acquisitions, capital markets/capital raising, portfolio and asset management. He currently serves on the boards of Lehman Brothers Holding Inc., the advisory boards of Milhaus Ventures LLC, and the Davis Companies.
* Kaj Vazales is the managing director and co-head of North America for Oaktree's Global Opportunities, leading the team's investing efforts across a number of industries in the region and oversees the group's recruiting efforts. He is responsible for sourcing, underwriting, and executing publicly traded and private investments in the areas of distressed and stressed credit, private equity, leverage finance and equities.
"CBL will benefit tremendously from directors that offer such diverse experiences and backgrounds," said Stephen Lebovitz. "We are at an exciting point in CBL's history, and I know each new board member's excellent credentials and unique knowledge will add significant value to CBL and help position the company for future growth and success."
CBL's current board of will remain in place until the company emerges from bankruptcy protection. CBL filed a Chapter 11 petition in U.S. Bankruptcy Court last year to reorganize its finances and restructure its business in the wake of the coronavirus shutdowns and reduced activity last year at its shopping centers.