Market Overview

Taubman Announces Two New Independent Directors, Two Director Retirements and New Committee Appointments

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  • Janice ("Jan") Fields, former McDonald's USA president, and Nancy
    Killefer, former senior partner at McKinsey & Company, to join the
    Board in January 2019
  • New independent directors bring significant public company board,
    retail and consumer experience

Taubman Centers, Inc. (NYSE:TCO) today announced that the Company's
Board of Directors appointed Jan Fields and Nancy Killefer to the Board,
effective January 16, 2019. Incumbent independent directors Jerome A.
Chazen and Craig M. Hatkoff will resign from the Board, effective
January 15, 2019, and Ms. Fields and Ms. Killefer will assume the
remainder of Mr. Chazen's and Mr. Hatkoff's terms, that expire at the
Company's 2019 Annual Meeting.

Ms. Fields, 63, the former president of McDonald's USA, is a seasoned
retail- and consumer-oriented executive with strong operational
experience. From 1978 to 2012, she held several management positions of
increasing responsibility at McDonald's USA, LLC, gaining marketing,
finance, supply chain, human relations, real estate, sustainability,
communications, investor relations, and strategic planning experience.
She left the company in 2012 after serving as president for the
company's 14,000 restaurants in the U.S. Ms. Fields was named to Forbes'
list of The World's 100 Most Powerful Women twice, most recently in
2011, and in 2010 to Fortune's 50 Most Powerful Women in Business
list, her fourth time. Ms. Fields also brings extensive public company
board and corporate governance experience, as she currently serves on
the boards of Welbilt, Inc. (NYSE:WBT), where she is a member of the
Compensation and Corporate Governance Committees, and Chico's FAS, Inc.
(NYSE:CHS), where she is a member of the Executive Committee and Chair
of the Corporate Governance and Nominating Committee. She also
previously served on the boards of Buffalo Wild Wings, Inc. and Monsanto
Company.

Ms. Killefer, 65, is an experienced executive and board director. She
was a senior partner at McKinsey & Company, holding a variety of
leadership roles for 31 years. At McKinsey, she provided strategic
counsel to a multitude of consumer, retail, healthcare and other
companies in the areas of strategic planning, sales, marketing and brand
building. She also created and led McKinsey's Public Sector Practice.
Ms. Killefer also served in the United States Department of the Treasury
as the assistant secretary for Management, chief financial officer and
chief operating officer. She has significant public company board
experience. She currently serves on the boards of Cardinal Health, Inc.
(NYSE:CAH), where she is a member of the Human Resources and
Compensation Committee, and Avon Products, Inc. (NYSE:AVP), where she
is a member of the Compensation and Management Development Committee and
Chair of the Nominating and Corporate Governance Committee. She
previously served on the boards of CSRA Inc., Computer Sciences
Corporation, and The Advisory Board Company.

With these appointments, the Taubman Board remains at nine directors,
eight of whom are independent, and seven of whom have joined the Board
since April 2016. These appointments demonstrate the company's
commitment to accelerate and continue board refreshment. They further
strengthen the board's composition as to relevant expertise and
skillsets, achieve enhanced board diversity and reduce tenure and age.
With seven director departures and additions since 2016, the average
tenure of all Board members is now 4.9 years, the average tenure of the
non-management directors is 2.3 years and four members of the board are
women.

"We are delighted to welcome Jan and Nancy to the Board as our newest
independent directors and know they will bring substantial value and
insights to us from their impressive retail, consumer, leadership and
governance backgrounds," said Myron E. ("Mike") Ullman III, Lead
Director and Chair of the Nominating and Corporate Governance Committee
of the Company. "On behalf of all of my fellow directors and the
company, we thank Jerry and Craig for their years of dedicated service
and contributions. Taubman's Board remains focused on ensuring the
Company navigates the evolving retail environment from a position of
strength and drives sustainable value for all of our shareholders."

"I have been impressed with the company's strategy of owning, operating
and developing the most productive retail assets in the U.S. regional
mall sector, and I look forward to contributing to the company's future
successes," said Ms. Fields.

"I am honored to join the Taubman Board and I look forward to
contributing my knowledge, insight, and perspectives to help lead the
company into the future," said Ms. Killefer.

About Jan Fields

Ms. Fields is a member of the Board of Directors of Welbilt, Inc. (since
2018), where she is a member of the Compensation and Corporate
Governance Committees. She is also a member of the Board of Directors of
Chico's FAS, Inc. (since 2013), where she is a member of the Executive
Committee and Chair of the Corporate Governance and Nominating
Committee. Ms. Fields previously served on the boards of Buffalo Wild
Wings, Inc. (2017 to 2018), where she was Chairperson, and Monsanto
Company (2008 to 2018), where she chaired the Sustainability and
Corporate Responsibility Committee, and was a member of the
Compensation, Nominating and Governance, and Executive Committees.

From 1978 to 2012, Jan worked for McDonald's USA, LLC. She started as a
crew member and grew to hold numerous roles, including several executive
positions. From 1996 to 2000, Jan was Vice President of the company's
Pittsburgh region. From 2000 to 2002, she was Senior Vice President of
Restaurant Support. From 2002 to 2003, she was Senior Vice President and
Chief Support Officer of the company's Central Division. From 2003 to
2006, she was President of the company's Central Division. From 2006 to
2010, she was Executive Vice President and Chief Operating Officer. From
2010 to 2012, she was President.

Jan also has private and non-profit board experience, including serving
on the Global Board of Trustees for the Ronald McDonald House Charities
since 2012.

About Nancy Killefer

Ms. Killefer is a member of the Board of Directors of Cardinal Health,
Inc. (since 2015), where she is a member of the Human Resources and
Compensation Committee. She is also a member of the Board of Directors
of Avon Products, Inc. (since 2013), where she is a member of the
Compensation and Management Development Committee and Chair of the
Nominating and Corporate Governance Committee and previously served on
the Audit Committee. Ms. Killefer previously served on the boards of
CSRA Inc. (2015 to 2018), where she was the Chairperson and chaired the
Executive Committee, Computer Sciences Corporation (2013 to 2015), where
she chaired the Compensation Committee, and The Advisory Board Company
(2013 to 2017), where she was a member of the Audit Committee.

Nancy worked for McKinsey & Company for 31 years in a variety of
leadership roles, where she served a multitude of consumer, retail,
restaurant, technology and other companies. From 1979 to 1997 she held
various positions of increasing responsibility, including Director. From
2000 to 2007 she was Managing Partner of the company's Washington, DC
Office. From 2005 to 2012, Nancy served as the founder and Senior
Partner of McKinsey's Public Sector Practice. From 2000 to 2012 she was
on the Shareholders Committee, the company's governing board, where she
chaired the People Committee. She also served on the McKinsey's
Professional Standards Committee, the Client Service Risk Committee, and
the Director's Review Committee.

From 1997 to 2000, Nancy served in the United States Department of the
Treasury as the assistant secretary for Management, chief financial
officer and chief operating officer.

Nancy served as a Board Member for the Partnership for Public Service
from 2009 to 2014 and the National Trust for Historic Preservation from
2005 to 2014. She has also served on a number of U.S. government boards.
She served on the Defense Business Board from 2014 to 2018 and was the
Vice Chair. From 2000 to 2005 she served on the IRS Oversight Board and
was Chairperson from 2002 to 2005. Nancy received a M.S. in management
from Massachusetts Institute of Technology and a B.A. in economics from
Vassar College.

Committee Appointments

Following the addition of Ms. Fields and Ms. Killefer and a review of
the Board's committee compositions, the Company also announced several
new committee appointments.

Mayree C. Clark, who joined the Taubman Board in January 2018, was named
Chair of the Board's Compensation Committee. Ms. Fields and Cia Buckley
Marakovits, who joined the Taubman Board in December 2016, were also
appointed to the Board's Compensation Committee.

Ms. Killefer and Jonathan Litt, who joined the Taubman Board in June
2018, were appointed to the Board's Audit Committee.

Ms. Clark and Michael J. Embler, who joined the Taubman Board in January
2018, were appointed to the Board's Nominating and Corporate Governance
Committee.

About Taubman

Taubman Centers is an S&P MidCap 400 Real Estate Investment Trust
engaged in the ownership, management and/or leasing of 26 regional,
super-regional and outlet shopping centers in the U.S. and Asia.
Taubman's U.S.-owned properties are the most productive in the publicly
held U.S. regional mall industry. Founded in 1950, Taubman is
headquartered in Bloomfield Hills, Mich. Taubman Asia, founded in 2005,
is headquartered in Hong Kong. www.taubman.com.

For ease of use, references in this press release to "Taubman
Centers," "company," "Taubman" or an operating platform mean Taubman
Centers, Inc. and/or one or more of a number of separate, affiliated
entities. Business is actually conducted by an affiliated entity rather
than Taubman Centers, Inc. itself or the named operating platform.

This press release may contain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. These
statements reflect management's current views with respect to future
events and financial performance. Forward-looking statements can be
identified by words such as "will", "may", "could", "expect",
"anticipate", "believes", "intends", "should", "plans", "estimates",
"approximate", "guidance" and similar expressions in this press release
that predict or indicate future events and trends and that do not report
historical matters. The forward-looking statements included in this
release are made as of the date hereof. Except as required by law, the
company assumes no obligation to update these forward-looking
statements, even if new information becomes available in the future.
Actual results may differ materially from those expected because of
various risks, uncertainties and other factors. Such factors include,
but are not limited to: changes in market rental rates; unscheduled
closings or bankruptcies of tenants; relationships with anchor tenants;
trends in the retail industry; challenges with department stores;
changes in consumer shopping behavior; the liquidity of real estate
investments; the company's ability to comply with debt covenants; the
availability and terms of financings; changes in market rates of
interest and foreign exchange rates for foreign currencies; changes in
value of investments in foreign entities; the ability to hedge interest
rate and currency risk; risks related to acquiring, developing,
expanding, leasing and managing properties; competitors gaining
economies of scale through M&A and consolidation activity; changes in
value of investments in foreign entities; risks related to joint venture
properties; insurance costs and coverage; security breaches that could
impact the company's information technology, infrastructure or personal
data; costs associated with response to technology breaches; the loss of
key management personnel; shareholder activism costs and related
diversion of management time; terrorist activities; maintaining the
company's status as a real estate investment trust; changes in the laws
of states, localities, and foreign jurisdictions that may increase taxes
on the company's operations; and changes in global, national, regional
and/or local economic and geopolitical climates. You should review the
company's filings with the Securities and Exchange Commission, including
"Risk Factors" in its most recent Annual Report on Form 10-K and
subsequent quarterly reports, for a discussion of such risks and
uncertainties.

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