Grubb & Ellis appoints two to board committees following resignation

By Lisa Kerner

Charlotte, N.C., Feb. 9 - Grubb & Ellis Co. appointed Devin Murphy to the governance and nominating committee of its board of directors and Glenn Carpenter to the compensation committee after chairman C. Michael Kojaian resigned from both committees.

While the board determined that Kojaian met all director independence standards, he chose to resign "in keeping with the company's commitment to adhere to the highest standards of corporate governance," a Grubb & Ellis news release said.

Grubb & Ellis said that reports issued by three proxy advisory firms in connection with its December proxy contest raised concerns about Kojaian's independence due to his 23% beneficial stake in the company.

Murphy and Carpenter are independent members of the board. Kojaian will continue to be chairman of the Chicago-based real estate services and investment management firm.

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