SAN FRANCISCO, Feb. 8 /PRNewswire-FirstCall/ -- BRE PROPERTIES, INC., today announced the appointment of Irving F. "Bud" Lyons, III, and Christopher McGurk, to the company's board of directors, effective February 7, 2006. The appointment of two new directors, which increases the board to 11 members, is part of an ongoing board succession plan, implemented as several current members near retirement age.
Lyons, vice chairman, ProLogis ; and McGurk, former vice chairman and chief operating officer, Metro-Goldwyn-Mayer, Inc. (MGM), will serve on the board as independent directors and members of the real estate and audit committees, respectively.
"Our search for new directors focused on adding public company management and operating expertise from both inside and outside the real estate industry," said Constance B. Moore, BRE's president and CEO. "We are very pleased to welcome Bud and Chris to BRE. I am confident their strategic insight and executive acumen will prove invaluable to BRE and its shareholders for many years to come."
Lyons joined ProLogis, a global provider of distribution facilities and services, in 1993. Prior to serving as vice chairman, he held the position of chief investment officer for eight years, responsible for the company's investments and capital deployment strategy. Lyons was founder and managing partner of King & Lyons, one of the largest industrial real estate developers in the San Francisco Bay area. He holds an MBA from Stanford University's Graduate School of business, and a bachelor's degree in industrial engineering and operations research from the University of California, Berkeley.
McGurk served as MGM's vice chairman and chief operating officer from 1999 to 2005, when the company was sold to a consortium of investors that included Sony Corporation. He was responsible for all corporate and operating divisions of MGM. He also directed the investment of more than $2.5 billion in film and television production, and more than $5 billion in library sales in MGM's global Home Entertainment and Television distribution businesses. McGurk earned an MBA from the University of Chicago, and a bachelor's degree from Syracuse University.
About BRE Properties
BRE Properties, Inc. -- a real estate investment trust -- develops, acquires and manages apartment communities convenient to its residents' work, shopping, entertainment and transit in supply-constrained Western U.S. markets. BRE directly owns and operates 85 apartment communities totaling 23,954 units in California, Arizona, Washington and Colorado. The company has nine other properties in various stages of development and construction, totaling 2,312 units, and joint venture interests in two additional apartment communities, totaling 488 units. (As of 12/31/05)
FCMN Contact: tmierzwinski@breproperties.com
