Orlando, Florida, September 29, 2016 – National Retail Properties, Inc. (NYSE: NNN) (the “Company”) today announced that Craig Macnab, Chief Executive Officer and Chairman of the Board, will retire as CEO and step down as Chairman and a member of the Board of Directors effective April 28, 2017. Julian E. (“Jay”) Whitehurst, currently President and Chief Operating Officer, will assume the role of President and CEO as of April 28, 2017.
Mr. Macnab has been the Company’s Chief Executive Officer since February 2004, and the Chairman of its Board of Directors since February 2008.
Mr. Macnab commented: “National Retail Properties has a compelling business model, a great retail real estate portfolio that is conservatively financed, a wonderful culture and an exceptional team. Jay is the right person to succeed me and I look forward to watching Jay and his colleagues take NNN to the next level.”
As a part of the Board’s succession planning activities and upon Mr. Macnab’s recommendation, the Company’s Board of Directors has unanimously appointed Mr. Whitehurst President and CEO effective April 28, 2017. Mr. Whitehurst joined the Company in February 2003, was appointed Chief Operating Officer in June 2004 and has served as President since May 2006.
Mr. Whitehurst commented, “I want to thank Craig and our Board of Directors for the opportunity to serve as the next CEO of National Retail Properties upon Craig’s retirement. We will certainly miss Craig when he steps down next spring, but our experienced management team and talented associates will continue his mission to deliver outstanding results and create shareholder value.”
The Board has appointed Robert Legler, the Board’s lead independent Director, as Chairman of the Board effective upon Mr. Macnab’s retirement. Said Mr. Legler, “On behalf of National Retail Properties’ entire Board of Directors, I would like to recognize Craig’s exceptional leadership. He has been seen as a leader among his peers in the REIT industry for many years, and the Company’s operating performance has benefited from his guidance and execution. During Craig’s tenure, total assets have grown from $1.2 billion to more than $6 billion and most importantly the Company has produced average annual total shareholder returns over 14%. Strong leaders require strong successors, and consummating our thorough executive succession plan, the Board is pleased to appoint Jay Whitehurst to the role of President and CEO. Jay’s experience and talents equip him well for the opportunities ahead, and we are confident that he will build upon the solid foundation that Craig has established.”
National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June 30, 2016, the company owned 2,452 properties in 48 states with a gross leasable area of approximately 26.3 million square feet with a weighted average remaining lease term of 11.4 years.