Walker & Dunlop Appoints Andrew Florance and Michael Malone to Board of Directors
BETHESDA, Md., Nov. 2, 2012 /PRNewswire/ -- Walker & Dunlop, Inc. (NYSE: WD) (the "Company") announced today that Andrew Florance and Michael Malone have been appointed to the Company's Board of Directors.
"We are very happy to have Andy Florance and Mike Malone join the Walker & Dunlop Board. Both bring with them deep understanding of the commercial real estate industry and extensive public company board experience," said Willy Walker, Walker & Dunlop's Chairman, President and Chief Executive Officer. "Andy is a pioneer in the commercial real estate data analytics space and is an incredible entrepreneur and executive. He created CoStar from scratch and has turned it into a market-leading company that has produced spectacular shareholder returns," continued Mr. Walker. "Mike brings extensive experience and expertise in the real estate finance markets, having been a major provider of capital to companies like Walker & Dunlop when he was at Bank of America. Mike's industry knowledge coupled with his board experience make him a very valuable addition to our board."
Mr. Florance, 49, founded CoStar Group, Inc. ("CoStar") in 1987. CoStar has revolutionized the way the commercial real estate sector utilizes data technology. As President and Chief Executive Officer, Mr. Florance has directed CoStar's successful expansion from start-up to its IPO in July 1998 to its market-leading position today as a publicly traded enterprise with approximately 2,000 employees worldwide and a client base that includes the commercial real estate industry's leading brokerage firms and property owners. Mr. Florance is a graduate of Princeton University and sits on the board of CoStar along with several non-profit organizations.
Mr. Malone, 59, served as a Managing Director at Fortress Investment Group from 2008 until 2012 where he was responsible for the capital formation group in the southeast and southwest regions of the United States. Mr. Malone was previously a Senior Executive Banker and Managing Director at Bank of America, where he spent nearly 24 years. Over those years, Mr. Malone worked in and ran a number of investment banking businesses for the bank and its subsidiary, Banc of America Securities, including real estate, gaming, lodging, leisure, and the financial sponsors businesses.
Mr. Malone currently serves on the board and audit committee of Nationstar Mortgage Holdings Inc., a non-bank residential mortgage servicer. Mr. Malone also serves as a member of the board of Morgans Hotel Group Co., an operator, owner, and developer of boutique hotels where he is a member of its audit committee and co-chairman of its compensation committee. Mr. Malone received his Bachelor of Science in General Studies from the University of Kentucky.
The appointments of Messrs. Florance and Malone fill two of the three vacancies created in September 2012 when the size of the Walker & Dunlop Board was increased from eight to eleven members in connection with the Company's acquisition of CWCapital LLC. The appointment of Mr. Malone was made pursuant to the Purchase Agreement, dated June 7, 2012, by and among the Company, Walker & Dunlop, LLC, CW Financial Services LLC ("CW Financial") and CWCapital, which provides that CW Financial is entitled to designate up to two Board members for each election of directors through the Company's annual meeting to be held in 2014, subject to CW Financial or its affiliates continuing to own at least 20% of the Company's issued and outstanding common stock.
About Walker & Dunlop
Through its subsidiary Walker & Dunlop, LLC, Walker & Dunlop, Inc. (NYSE: WD) is one of the leading commercial real estate finance companies in the United States, with a primary focus on multifamily lending. As a Fannie Mae DUS®, Freddie Mac Program Plus® and MAP- and LEAN-approved FHA lender, the Multifamily and FHA Finance groups are focused on lending to property owners, investors, and developers of multifamily properties across the country. Walker & Dunlop's proprietary Interim Loan Program provides financing for multifamily properties that do not currently qualify for permanent financing. The Capital Markets group specializes in financing commercial real estate for owners and investors across the United States, securing capital from large institutions such as life insurance companies, commercial banks, CMBS lenders, pension funds, and specialty finance companies. The Principal Investments group provides institutional advisory, asset management, and investment management services with respect to debt, structured debt and equity.
SOURCE Walker & Dunlop, LLC