Robert E. Mittelstaedt, Jr. Joins W. P. Carey & Co.'s Board As Independent Director
NEW YORK, NY – June 27, 2007 – Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today that Dean Robert E. Mittelstaedt, Jr. will serve as an independent director of the Company and as a member of the Nominating and Corporate Governance & Strategic Planning Committees.
Dean Mittelstaedt has headed the W. P. Carey School of Business at Arizona State University since June 2004. The W. P. Carey School is one of the largest business schools in the United States and is known for its well-regarded undergraduate and graduate programs.
Dean Mittelstaedt also served in numerous positions at The Wharton School of the University of Pennsylvania from 1973 to 2004, most recently as vice dean, executive education and director of the Aresty Institute of Executive Education. He was instrumental in founding the Directors' Institute in 1993, the Wharton Electronic Commerce Forum in 1996, and knowledge@wharton - a business web resource with more than 880,000 users globally - in 1999.
Over the last decade, Dean Mittelstaedt has taught executives in the areas of strategy, IT and corporate governance. His most recent book is Will Your Next Mistake Be Fatal? Avoiding the Mistake Chain That Can Destroy Your Organization. An MBA-graduate of the Wharton School, Dean Mittelstaedt has been actively involved in strategy, marketing, management, systems, and corporate governance consulting for some of the world's largest corporations and many smaller start-up companies. He also co-founded, built and sold Intellego, Inc., a health care systems company, in the 1980’s. Dean Mittelstaedt currently serves on two other public company boards: Laboratory Corporation of America and Innovative Solutions & Support.
“Bob has truly been a pioneer in business education and has an extensive background in corporate governance,” said W. P. Carey Chairman, Wm. Polk Carey. “I was delighted when he accepted the position at the W. P. Carey School of Business at Arizona State a few years back and am happy to welcome him to the W. P. Carey & Co. board today. Corporate governance, transparency and accountability remain important issues in today’s fast-paced, technologically-driven world. Serving as an independent director, Dean Mittelstaedt’s expertise in these areas will undoubtedly play a role in the future development and success of W. P. Carey.”
W. P. Carey & Co. LLC
Founded in 1973, W. P. Carey & Co. LLC is a leading global provider of long-term net lease financing for companies worldwide. With $9.2 billion in assets and $5 billion in equity capital, the Company and its CPA® series of income generating real estate funds specialize in helping companies and private equity firms realize the capital tied up in their real estate assets. The W. P. Carey Group owns more than 800 commercial and industrial properties in 14 countries, representing approximately 100 million square feet. 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.
