STAMFORD, Conn.--(BUSINESS WIRE)--Land & Buildings Investment Management, LLC (together with its affiliates, “Land & Buildings”, “us” or “we”), a large shareholder of Apartment Investment and Management Company (NYSE: AIV) (“Aimco” or the “Company”), announced that, based on the preliminary report provided by its proxy solicitor, shareholders have voted to remove Aimco director Michael Stein by electing Land & Buildings nominee James (“Jim”) P. Sullivan to the Board of Directors (the “Board”) at the 2022 Annual Meeting of Shareholders (the “Annual Meeting”) held today.
According to the preliminary analysis, Jim Sullivan received more than twice as many votes as Aimco’s incumbent director Michael Stein.
Land & Buildings Founder and Chief Investment Officer, Jonathan Litt, commented on the preliminary results of the Annual Meeting:
“We are grateful to our fellow Aimco shareholders for their support throughout our campaign. Today’s vote to elect Jim Sullivan to the Board is a clear signal that shareholders are no longer satisfied with the status quo at Aimco, and we are confident that Jim will be a voice for change from day one. He will bring an important perspective to the Board as it oversees the Company’s efforts to maximize value and drive improved accountability for all shareholders and we know Jim is committed to working collaboratively with the rest of the Board to help Aimco realize its full potential.”
The election of Jim Sullivan also represents the first contested election taken through to a vote following the introduction of SEC Rule 14a-19 and universal proxy card voting.
