STAG Industrial, Inc. announced that its Board of Directors had appointed Steven T. Kimball as Executive Vice President—Real Estate Operations, effective when Mr. Kimball joins the Company this spring. Mr. Kimball will lead the Company's asset management and construction departments. He will concentrate his efforts on maximizing returns from the Company's existing assets and guide its development program.

The Company announced that Mr. Butcher's employment agreement would expire at the end of its current one-year term on June 30, 2023, when he will retire as Executive Chairman of the Board. Mr. Butcher will continue to serve on the Board as a director. Effective July 1, 2023, the Company appointed Larry T. Guillemette as independent Chairman of the Board.

Mr. Guillemette currently serves as Lead Independent Director of the Board. Mr. Kimball currently serves as Executive Director at PGIM Real Estate, where he oversees asset management of a Northeastern industrial property portfolio, including active joint venture development projects. Before joining PGIM in 2021, Mr. Kimball worked for Prologis, Inc. (formerly AMB Property Corporation) for more than 25 years (1995 to 2021).

He served as Managing Director, Head of Operations, East Region (2014 to 2021) and in a similar role as Senior Vice President, Head of Operations, East Region (2005 to 2014). Mr. Kimball held other asset management positions with AMB, including Senior Vice President, Regional Manager, Chicago. Before 1995, Mr. Kimball held positions with financial and insurance companies involving real estate assets.

Mr. Kimball holds a Bachelor of Science degree from University of Vermont and a Master of Business Administration from University Colorado Boulder.