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Franklin Street Properties Corp. (NYSE American:FSP), a real estate investment trust with a market capitalization of approximately $151 million, announced Wednesday that its board of directors has appointed Jennifer Bitterman as a director, following the resignation of Bruce J. Schanzer from the board on October 9. According to InvestingPro data, the company is currently trading below its Fair Value, with several indicators suggesting potential investment opportunities. The company stated that Mr. Schanzer’s departure was effective immediately and was not due to any disagreement related to company operations, policies, or practices.
Ms. Bitterman was selected in accordance with a cooperation agreement between Franklin Street Properties and Converium Capital, which stipulates that the company and Converium would jointly identify a replacement director if Converium and its affiliates hold at least 3% of the company’s outstanding common stock at the time of a vacancy. The board also appointed Ms. Bitterman to its Audit Committee and Compensation Committee, effective Wednesday. The board determined that Ms. Bitterman is independent under NYSE American rules.
According to the company’s statement, Ms. Bitterman is currently Chief Financial Officer at GSA Group and serves on the executive leadership team of The Dot Group. Her previous roles include CFO positions at Andover Properties and Cedar Realty Trust, as well as roles at Morgan Stanley, Credit Suisse, and PwC. She holds a BBA from the Stephen M. Ross School of Business at the University of Michigan and has served on several advisory boards.
Franklin Street Properties noted that non-employee board members, including Ms. Bitterman, receive an annual retainer fee of $30,000 paid quarterly and an annual grant of company common stock valued at $45,000.
In connection with Ms. Bitterman’s appointment, Franklin Street Properties and Converium entered into a letter agreement on Wednesday. The agreement provides that the company will nominate Ms. Bitterman for election at its 2026 annual meeting and will support her candidacy as part of its slate of nominees.
The information in this article is based on a press release statement and the company’s filing with the Securities and Exchange Commission.
In other recent news, Franklin Street Properties Corp . announced that its Board of Directors has declared a quarterly dividend of $0.01 per share for the third quarter of 2025. This dividend pertains to the period from July 1 through September 30, 2025. Shareholders of record as of October 17, 2025, will receive the dividend payment on November 6, 2025. This announcement reflects the company’s ongoing commitment to returning value to its shareholders. The declaration of the dividend comes as part of Franklin Street Properties’ regular financial activities. Investors often closely monitor such announcements as they can influence investment decisions.
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