STORE Capital terminates executive chairman 'without cause'

store-capital-terminates-executive-chairman-'without-cause'

STORE Capital Corp. STOR, -0.29% disclosed Tuesday that it has terminated Executive Chairman Christopher Volk “without cause.” As a result, Volk will resign as chairman of the board and as a board member or as manager of any company affiliates. Shares of the real estate investment trust focused on single-tenant operational real estate were little changed in premarket trading. The company said Volk will receive payments and other benefits, subject to his “execution and delivery” of a general release of claims in a form the company accepts as “effective and irrevocable.” STORE also said Volk will be succeeded as chairman by Tawn Kelley, who has been a board member since February 2020, and is currently president of Taylor Morrison Home Corp.’s TMHC, +1.25% financial services unit. STORE’s stock has gained 2.4% this year, while the SPDR Real Estate Select Sector ETF XLRE, has soared 39.3% and the S&P 500 SPX, +0.17% has climbed 27.6%.

Source: Marketwatch

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