Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
As previously disclosed, on April 29, 2021, Steven Roth tendered his offer to
resign as Chairman of the Board of Trustees (the "Board") and a trustee of JBG
SMITH Properties (the "Company") to the Board. On May 13, 2021, following
consideration of his offer to resign, in accordance with the Company's Corporate
Governance Guidelines, upon the recommendation of the Corporate Governance and
Nominating Committee and in consideration of the results of the shareholders'
vote at the Company's recent annual meeting, the Board accepted Mr. Roth's offer
to resign. Following Mr. Roth's resignation, the size of the Board was reduced
from 12 trustees to 11 trustees, and Mr. Robert Stewart was appointed Chairman
of the Board.
The Board recognizes that the Company was created in 2017 by a spin-off of
Vornado Realty Trust's Washington D.C. division and merger with The JBG
Companies, and accordingly Mr. Roth is co-founder of the Company and largely
responsible for its creation. In recognition of this, the Board has designated
Mr. Roth as Chairman Emeritus of the Company. The Board believes Mr. Roth's 48
years of experience in commercial and residential real estate investment,
development, and operations, as well as his deep familiarity with the assets
contributed by Vornado Realty Trust in connection with the formation of the
Company make him an invaluable resource. The Board intends to request his advice
and Mr. Roth has agreed to continue to be available to advise the Board and
management, and the Board and management look forward to his continued guidance
in his new role.
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