Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b) Effective August 14, 2020, Daniel J. Moos, age 69, President [since April
2007] and Chief Executive Officer [since March 2010] of American Realty
Investors, Inc. (the "Company" or the "Issuer"), ceased to be and resigned as
President and Chief Executive Officer, as well as all positions with any United
States subsidiary entities. Mr. Moos noted that his resignation is not the
result of any disagreement with the Company, its management, the Board of
Directors or any committee of the Board with respect to procedures, policies or
operations of the Issuer.
Mr. Moos will continue as the Chief Executive Officer ("CEO") of Southern
Properties Capital LTD, a British Virgin Islands Company ("SPC"), wholly owned
by Transcontinental Realty Investors, Inc. ("TCI"), which is over 78% owned by
the Issuer and its subsidiaries. SPC has series of debentures listed and traded
on the Tel Aviv Stock Exchange ("TASE"). He will also continue as the Manager of
Victory Abode Apartments LLC ("V Abode"), which is equally owned and controlled
50% by SPC and 50% by an indirect subsidiary of Macquarie Bank of Australia. Mr.
Moos will be concentrating his management efforts on the assets and operations
of SPC and V Abode for the next few months.
(c) Effective as of August 17, 2020, the Board of Directors of the Company
appointed Erik L. Johnson, age 52, Executive Vice President and Chief Financial
Officer of the Company. Mr. Johnson most recently was Vice President of
Financial Reporting of The Macerich Company (NYSE: MAC) in Santa Monica,
California, a position he held for more than the past five years, from 2005
through June 2020. Mr. Johnson, a certified public accountant ("CPA") from
2001-2005, was controller/Chief Accounting Officer of North American Scientific,
Inc. (NASDAQ: NASI), based in Los Angeles, California, and from 2000- 2001, he
was the controller of Launch Media, Inc. (NASDAQ: LAUN) in Santa Monica,
California.
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