NEW YORK, NY – September 20, 2006 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) today announced that Richard J. Pinola will serve as an independent director of three of its Corporate Property Associates (CPA®) funds – CPA®:14, CPA®:15 and CPA®:16 – Global. In addition, Mr. Pinola, who is a Certified Public Accountant, will also serve as Chairman of each CPA® fund’s Audit Committee.
Wm. Polk Carey, Chairman of W. P. Carey & Co., said, “Rich’s extraordinary background, personality and wealth of experience in business management, strategic planning and corporate governance are invaluable assets to the respective CPA® boards. Additionally, his guidance and leadership as Chairman of the Audit Committee will ensure each fund’s continued growth and success. We are delighted that Rich has agreed to serve on our CPA® boards and look forward to his leadership and counsel.”
RICHARD J. PINOLA, CPA
Mr. Pinola served as Chief Executive Officer and Chairman of Right Management Consultants (NYSE: RHT), a global human-resource consulting firm headquartered in Philadelphia, from 1994 through January 2004. He served as a Director of the company from 1990 and as CEO from July of 1992 until Right Management was purchased by Manpower (NYSE: MAN). Under Mr. Pinola’s leadership, Right was named by Forbes magazine as one of the “200 Best Small Companies in America” for many years rising to number 5 in its last inclusion and appeared on Business Week’s list of “100 Best Small Corporations.” The company has served over 5,000 client companies in virtually every industry and type of organization, including most of the Fortune 500 corporations.
Prior to joining Right Management Consultants, Mr. Pinola was President and Chief Operating Officer of Penn Mutual Life Insurance Company, an $8 billion diversified financial service firm. He was also a CPA with PriceWaterhouse and Co.
Mr. Pinola is a Director on the boards of: K-Tron International (KTII); Kenexa Inc. (KNXA); Bankrate.com (RATE); and Nobel Learning Communities (NLCI) where he serves as chairman of two audit committees and on various other committees. He is also on the boards of the Visiting Nurses Association; King’s College; and Reading is Fundamental.
Mr. Pinola has been a regular speaker on worldwide workforce issues, and has been a guest lecturer at Worldwide American Chambers of Commerce and various business schools, including The Yale School of Management, Wharton, and W. P. Carey School of Business. He has also served on the boards of directors of the American Lung Association, Janney Montgomery Scott, the Life Office Management Association and the Horsham Clinic. Rich was the Founder and Director of The Living Wills Archive Company and a Founder and board member of the Mutual Association for Professional Services.
W. P. CAREY & CO. LLC
Founded in 1973, W. P. Carey & Co. LLC is a leading global real estate investment firm. The Company provides asset management services to its CPA® series of income generating real estate funds. With over $4 billion in equity capital, the W. P. Carey Group is one of the largest providers of net lease financing for corporations worldwide. The Group owns more than 700 commercial and industrial properties in 13 countries, representing approximately 93 million square feet, valued at approximately $8 billion. www.wpcarey.com
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This press release contains forward-looking statements within the meaning of the Federal securities laws. A number of factors could cause the company's actual results, performance or achievement to differ materially from those anticipated. Among those risks, trends and uncertainties are the general economic climate; the supply of and demand for office and industrial properties; interest rate levels; the availability of financing; and other risks associated with the acquisition and ownership of properties, including risks that the tenants will not pay rent, or that costs may be greater than anticipated. For further information on factors that could impact the company, reference is made to the company's filings with the Securities and Exchange Commission.
