Daily News | Struggling mall-owner PREIT’s board members reject one another’s resignations
The Pennsylvania Real Estate Investment Trust’s board of directors has decided against firing themselves.
In each case, the individual whose resignation was being considered was not allowed to vote but all the others who offered resignations at the same time were. Elson said it’s rare for such a large number of directors to fail to win a majority of votes all at once. But even when it’s a smaller number, it’s more common for the board to keep the rejected director on until a replacement is appointed — or even a whole new board.The shareholder revolt on June 1 is the latest sign of trouble for PREIT, long known as the largest mall owner in Pennsylvania.
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