{"id":9095,"date":"2023-01-11T16:15:05","date_gmt":"2023-01-11T21:15:05","guid":{"rendered":"https:\/\/broadstone.com\/?p=9095"},"modified":"2023-01-11T16:15:05","modified_gmt":"2023-01-11T21:15:05","slug":"broadstone-net-lease-announces-management-transition-ye-2022-business-update","status":"publish","type":"post","link":"https:\/\/broadstone.com\/broadstone-net-lease-announces-management-transition-ye-2022-business-update\/","title":{"rendered":"Broadstone Net Lease Announces Management Transition & YE 2022 Business Update"},"content":{"rendered":"

John Moragne to be named Chief Executive Officer <\/em><\/p>\n

Ryan Albano to be named President & Chief Operating Officer<\/em><\/p>\n

Kevin Fennell to be promoted to Executive Vice President & Chief Financial Officer<\/em><\/p>\n

ROCHESTER, N.Y. <\/strong>\u2013 Broadstone Net Lease, Inc. (NYSE: BNL) (\u201cBroadstone,\u201d \u201cBNL,\u201d the \u201cCompany,\u201d \u201cwe,\u201d \u201cour,\u201d or \u201cus\u201d), today announced that its Board of Directors has approved a senior executive succession plan pursuant to which John Moragne, currently the Company\u2019s Executive Vice President and Chief Operating Officer, will become Chief Executive Officer (\u201cCEO\u201d) and a member of the Board, effective February 28, 2023. President and CEO Chris Czarnecki will step down from his current role and the Board of Directors upon the effective date but will remain with the Company through January 31, 2024, in an advisory role as part of the planned transition.<\/p>\n

\u201cBroadstone has a bright future and John is the clear choice to lead the Company as CEO into the next phase of its growth,<\/em>\u201d stated Chris Czarnecki. \u201cI am immensely proud to have been part of such a dynamic team over the past 13 years and to have served as the Company\u2019s CEO since 2017. I am tremendously grateful to have had the opportunity to build BNL into what it is today. After an exceptional year of operational performance and much thought and reflection, I feel that now is the appropriate time for me to step down to focus more on my personal interests and spend additional time with my family. I am confident that the Company will be in very capable hands moving forward into the next chapter. John has been a close colleague and friend of mine for many years, and I look forward to facilitating a seamless transition and supporting the entire team.<\/em>\u201d<\/p>\n

Accepting the appointment of CEO, Mr. Moragne said \u201cI am grateful for this opportunity to lead Broadstone into the future with the same exceptional team I have worked alongside for the past seven years. I appreciate the confidence that Chris and the Board have placed in me to uphold our strong track record of execution and continue delivering long-term value for our shareholders.<\/em>\u201d Mr. Moragne has served as Executive Vice President and Chief Operating Officer since 2018, leading the Company\u2019s real estate investments, operations, and numerous other corporate functions, and previously served as the Company\u2019s General Counsel from 2016 to 2018. Prior to joining the Company, Mr. Moragne served as an M&A and securities attorney in private practice, including providing legal counsel to BNL since the Company\u2019s inception in 2007.<\/p>\n

\u201cOn behalf of the Board, I want to thank Chris for his distinguished leadership and steadfast commitment to BNL throughout his 13-plus-year tenure with the Company,<\/em>\u201d said Chairman Laurie Hawkes. \u201cChris has been instrumental in BNL\u2019s growth since its earliest days, including recruiting and developing the current leadership team. We congratulate him on the extraordinary success he has achieved on behalf of all our stakeholders.<\/em>\u201d Ms. Hawkes continued, \u201cThe Company is extremely fortunate to have such a deep bench of talent and experience. As we transition the Company\u2019s leadership to John, the Board and I maintain complete confidence in and excitement for the future of BNL.<\/em>\u201d<\/p>\n

As part of the senior executive succession plan, Ryan Albano, currently the Company\u2019s Executive Vice President and Chief Financial Officer, will transition to the role of President and Chief Operating Officer, effective February 28, 2023. In his new role, Mr. Albano will oversee the Company\u2019s investment strategy and real estate operations, including acquisitions, portfolio management, asset management and dispositions, and credit functions. Mr. Albano has served as BNL\u2019s Chief Financial Officer since February 2017 and is a member of our Investment Committee.<\/p>\n

Additionally, Kevin Fennell, currently the Company\u2019s Senior Vice President of Capital Markets & Credit Risk, will be promoted to Executive Vice President and Chief Financial Officer, effective February 28, 2023. As Chief Financial Officer, Kevin will oversee capital markets strategy, investor relations, financial planning & analysis, accounting, internal audit, tax, and IT.<\/p>\n

Q4 AND YE 2022 BUSINESS UPDATE<\/strong><\/p>\n