FAC REALTY TRUST, INC. ANNOUNCES APPOINTMENT OF C. CAMMACK MORTON AS CEO.
J. DIXON FLEMING, JR. TO REMAIN AS CHAIRMAN
The Board of Directors of FAC Realty Trust, Inc. (NYSE:FAC) today announced the appointment of C. Cammack Morton, current president and chief operating officer of the Company, as the Company's new Chief Executive Officer. J. Dixon Fleming, Jr. will relinquish the title of chief executive officer, effective December 31, 1996. He will remain as Chairman of the Board of Directors.
Commenting on the change, Mr. Fleming said, "My intention since bringing Camm on board earlier this year has been to assist him in the transition of the management team until such time as we both felt confident that the right team had been put in place. With the addition of Pat Miniutti as our chief financial officer, I feel very confident that with Camm and Pat working to head up our team of professionals the Company is well positioned to accomplish its overall goals.
"As one of the largest shareholders of FAC Realty, I intend to stay with the Company as the Chairman of the Board. In that role I will serve in an advisory capacity and continue to offer the Company my years of experience in the outlet industry as well as my long-term relationship with our key tenants. In addition, there are a couple of things that I am working on that I believe will have a long-term positive impact for FAC shareholders."
Morton joined the Company early in 1996 and has been involved in the shopping center industry for more than 15 years. His previous involvement includes being chairman, president and chief executive officer of Charter Oak and a former managing director of Rothschild Realty. He also has been in key positions with companies such as Kravco, Western Development (now The Mills Corp) and Federal Realty. Headquartered in Smithfield, North Carolina, FAC Realty Trust, Inc. is a self-administered real estate investment trust (REIT) engaged in the management, leasing, marketing, development and acquisition of outlet shopping centers. The Company currently owns and operates 36 factory outlet shopping centers in 21 states, with a total of 4.8 million square feet, plus management and/or leasing responsibilities for an additional 396,000 square feet, making it one of the largest outlet REITs in terms of numbers of centers and square footage.
CONTACT: FAC Realty Trust Inc., Smithfield
Patrick M. Miniutti or Linda M. Swearingen, 919/934-9446
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|Date:||Nov 7, 1996|
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