Inventrust Appoints Interim Board Chairperson
InvenTrust Properties Inc., a publicly registered non-traded REIT formerly known as Inland American Real Estate Trust, has appointed Paula Saban as the interim chairperson of the company’s board of directors, following the voluntary resignation of J. Michael Borden. Borden, who served as chairman for two and a half years, will continue to serve as a member of the board.
Saban served a director of InvenTrust Properties since October 2004 and brings more than 25 years of financial services and banking industry experience to her role.
“In light of Ms. Saban’s experience in financial services and banking, among other things, our board believes that she has the necessary experience and insight to serve as interim chairperson of the board,” the company said in a statement.
Saban started her career in 1978 with Continental Bank, which later merged into Bank of America. She retired from Bank of America in 2006 as a senior vice president/private client manager, where she designed and implemented various financial solutions for clients with Bank of America’s Private Bank and Banc of America Investment Services Inc. Her clients included top management of publicly held companies and entrepreneurs.
Saban also owns a construction products company, Newport Distribution Inc., and serves as its secretary, treasurer, and a principal stockholder.
InvenTrust Properties focuses on acquiring open-air retail centers in key growth markets. The offering was declared effective in August 2005 and closed in April 2009 after raising $8.6 billion, according to Summit Investment Research. The company, which became a self-managed REIT in 2014, owns and manages 85 retail properties, representing 15.2 million square feet of retail space, and one non-core property.
