- Push-out Score determined
- After almost 10 years in the position
- Praise and thanks for Volk
- Mary Fedewa taking over
- Volk will remain as Executive Chair at Store Capital
- Volk made a lengthy statement and said 223 words
(exechange) — Scottsdale, Arizona, April 15, 2021 — Chris Volk, chief executive of Store Capital, leaves his position. As announced by Store Capital Corp. in a news release and in a regulatory filing published on Thursday, April 15, 2021, Christopher H. (Chris) Volk leaves his post as chief executive officer at the internally managed net-lease real estate investment trust (REIT) after almost 10 years in the role, effective immediately.
Chris Volk’s duties as CEO will be taken over by Mary B. Fedewa, most recently President and Chief Operating Officer at Store Capital Corp.
“Mary’s elevation has been years in the making”
Chris Volk’s departure from the CEO post is explained as follows. Volk said: “Mary’s elevation has been years in the making and reflects her outstanding leadership talents and capabilities.”
Volk will remain as Executive Chair at Store Capital
“Mr. Volk will become Executive Chair of the Board following Morton Fleischer’s transition to Chair Emeritus, and Catherine Rice will become Lead Independent Director. The leadership and Board transitions will be effective today, April 15, 2021,” Store Capital said.
Store Capital said: “Store Capital Corporation (NYSE: STOR), an internally managed net-lease real estate investment trust (REIT) that invests in Single Tenant Operational Real Estate, today announced that its Board of Directors has appointed President and Chief Operating Officer Mary Fedewa to succeed Christopher Volk as Chief Executive Officer.”
Share price increase since April 2016
The announcement follows an increase in Store Capital Corp.’s share price of 32% since April 2016.
In the position of CEO since 2011
Chris Volk became CEO of the Company in 2011.
Volk was one of Store’s co-founders in May 2011.
Volk served as Store’s Chief Executive Officer and as a director since the Company’s inception, and also served as Store’s President since inception until September 2020.
With more than 30 years of experience in structuring, managing and financing commercial real estate companies, Volk led the largest ever real estate limited partnership roll-up transaction of its time in 1994 in the formation of FFCA; oversaw the issuance of FFCA’s unsecured debt rating in 1995, which was the first unsecured debt rating ever issued to a net-lease REIT; and, in 2005, while CEO of Spirit, led the creation of the first commercial real estate master trust debt conduit in the United States designed to finance net-lease assets.
Prior to forming the Company, Volk co-founded Spirit and served as its President and Chief Executive Officer and as a member of its board from August 2003 to February 2010.
Prior to co-founding Spirit in 2003, Volk served for over 16 years in numerous capacities with FFCA, including President and Chief Operating Officer and a member of FFCA’s board of directors.
Volk continued as Chief Operating Officer of GE Capital Franchise Finance, the new name given to the business following the FFCA acquisition, until December 2002.
In addition to his service on the Board and as Store’s Chief Executive Officer, Volk currently serves on the board of directors of Banner Health where he is chairman of its nominating and corporate governance committee and a member of its investment committee.
He has also currently serves as a visiting professor at Cornell University.
He received a B.A. degree from Washington and Lee University and an M.B.A. degree from Georgia State University.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Chris Volk’s move on a scale of 0 to 10.
exechange reached out to Store Capital and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 16.2021 ($).