Americold Realty Trust (NYSE: COLD) (the “Company” or “Americold”), the world’s largest publicly traded REIT focused on the ownership, operation and development of temperature-controlled warehouses, today announced a leadership transition and the appointment of three new members to the Americold Board of Trustees.

Leadership Transition

George Chappelle, a former Tyson Foods executive and former Chairman of the Board of AGRO Merchants Group, has been appointed Interim Chief Executive Officer, effective immediately. Mr. Chappelle’s appointment follows the decision of the Americold Board of Trustees to terminate Fred Boehler without cause. Mr. Boehler also resigned as a Trustee.

The Americold Board has engaged a nationally recognized search firm to identify a permanent Chief Executive Officer.

“Americold plays a key role in the global food supply chain due to its scale, footprint and differentiated business model, and we are proud that the Company remains focused on supporting its customers and navigating this dynamic operating environment,” said Mark Patterson, Chairman of the Americold Board. “We are pleased to have someone of George’s caliber step into the interim leadership role at this important time. George is a food and CPG industry veteran with tremendous logistics, supply chain and information technology expertise. Given Americold’s strong foundation, attractive assets and deep bench of talent, the Board is confident in the Company’s ability to deliver significant growth and long-term value creation as the supply chain recovers and food production levels rebound.”

Mr. Chappelle said, “Having spent decades in the food industry, I have long admired Americold as a truly best-in-class operator and an irreplaceable partner in the food supply chain. I am honored to join the Board, take on this interim leadership role, and work with the talented Americold team. Together, we will continue to focus on serving the cold chain, delivering operational excellence and executing disciplined growth.”

Mr. Patterson continued, “We appreciate Fred’s contributions to Americold, including his leadership in building the premier global leader in temperature controlled infrastructure with a best-in-class team. We wish Fred all the best.”

The Company noted that Mr. Boehler’s departure is not related to any disagreement with the Board or members of management concerning corporate strategy or financial or accounting matters.

Board Appointments

Americold also announced today that it is expanding its Board of Trustees from eight to ten members with the immediate appointment of three new Trustees: Rob Bass, Chief Supply Chain and Global Properties Officer of Best Buy; Pamela Kohn, Chief Merchandising Officer of Sally Beauty Holdings; and Mr. Chappelle.

The appointment of three new Trustees builds on Americold’s strong track record of refreshing its Board with members who bring considerable experience and relevant expertise to the Company’s business. With the additions of Mr. Bass, Mr. Chappelle and Ms. Kohn, more than half of the Americold Trustees have been appointed since 2019. Following these appointments, nine of the ten trustees are independent per the requirements of the NYSE.

“The Americold Board is committed to regularly refreshing our membership to ensure we have the right mix of experience, skills and backgrounds to advance shareholders’ interests,” continued Mr. Patterson. “The additions of Pam, Rob and George as Trustees enhances the experience and diversity of our Board. As a seasoned marketing and supply chain executive with big-box retailers and national grocery chains, Pam has a nuanced understanding of our industry and customer dynamics. Rob brings substantial real estate expertise and experience managing complex supply chains for some of the world’s largest big-box retailers. We are pleased to welcome Pam, Rob and George to the Board and look forward to working with them as we continue to oversee management’s execution of Americold’s strategy to enhance shareholder value.”