Expanded Eight-Member Board Includes Six Independent Trustees,
Two Women, and Two Members of Underrepresented Communities
Service Properties Trust (Nasdaq: SVC) today announced that it has elected Rajan Penkar to its Board as an Independent Trustee, effective immediately. With the addition of Mr. Penkar, SVC’s Board now has eight Trustees, including six independent Trustees, two of whom are women, and two of whom are members of underrepresented communities.
Mr. Penkar has served as president and founder of Supply Chain Advisory Services, LLC, which provides e-commerce and omni-channel supply chain design and optimization services to retailers, since 2014. From 2011 to 2014, Mr. Penkar served as senior vice president and president, supply chain, for Sears Holding Corporation, an integrated retailer. In this position, Mr. Penkar was accountable for all aspects of the supply chain, including global sourcing, retail and e-commerce distribution and fulfillment, global transportation, inventory management, and inside-the-home delivery and installation of appliances and big-ticket merchandise. Before joining Sears Holding Corporation, Mr. Penkar held various positions of increasing responsibility with United Parcel Service, Inc. from 1987 to 2011, most recently serving as president, UPS Customer Solutions. Mr. Penkar holds a certificate in cybersecurity oversight from Carnegie Mellon University and the National Association of Corporate Directors. Mr. Penkar’s experience also includes having previously served on the board of directors of U.S. Concrete, Inc., USA Truck Inc. and TravelCenters of America Inc.
Adam Portnoy, Chair of SVC’s Board of Trustees, made the following statement on today’s announcement:
“Raj brings to SVC’s Board his extensive experience as a leader in supply chains across diverse industries, in addition to broad capital markets and significant public company board experience. With the addition of Raj, the SVC Board is comprised of 75% of independent trustees and 25% members of underrepresented communities. The rest of the Board joins me in welcoming Raj.”
About Service Properties Trust:
Service Properties Trust (Nasdaq: SVC) is a real estate investment trust, or REIT, with over $11 billion invested in two asset categories: hotels and service-focused retail net lease properties. As of March 31, 2023, SVC owned 220 hotels with over 37,000 guest rooms throughout the United States and in Puerto Rico and Canada, the majority of which are extended stay and select service. As of March 31, 2023, SVC also owned 765 retail service-focused net lease properties totaling over 13.3 million square feet throughout United States. SVC is managed by The RMR Group (Nasdaq: RMR), an alternative asset management company with over $37 billion in assets under management as of March 31, 2023 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. SVC is headquartered in Newton, MA. For more information, visit www.svcreit.com.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
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Contacts
Stephen Colbert, Director, Investor Relations
(617) 231-3223
