CoStar Founder Florance Joins Walker & Dunlop Board
Andrew Florance and Michael Malone have been appointed to Walker & Dunlop, Inc.'s (NYSE: WD) Board of Directors.
Florance, 49, founded CoStar Group, Inc. in 1987. As President and Chief Executive Officer, Florance has directed CoStar's expansion from start-up to its IPO in July 1998 to its market-leading position today as a publicly traded enterprise with approximately 2,000 employees worldwide and a client base that includes the commercial real estate industry's leading brokerage firms and property owners.
Florance is a graduate of Princeton University and sits on the board of CoStar along with several non-profit organizations.
Malone, 59, served as a Managing Director at Fortress Investment Group from 2008 until 2012 where he was responsible for the capital formation group in the southeast and southwest regions of the United States. Malone was previously a Senior Executive Banker and Managing Director at Bank of America, where he spent nearly 24 years. Over those years, Malone worked in and ran a number of investment banking businesses for the bank and its subsidiary, Banc of America Securities, including real estate, gaming, lodging, leisure, and the financial sponsors businesses.
Malone currently serves on the board and audit committee of Nationstar Mortgage Holdings Inc., a non-bank residential mortgage servicer. Malone also serves as a member of the board of Morgans Hotel Group Co., an operator, owner, and developer of boutique hotels where he is a member of its audit committee and co-chairman of its compensation committee.
Malone received his Bachelor of Science in General Studies from the University of Kentucky.
The appointments of Messrs. Florance and Malone fill two of the three vacancies created in September 2012 when the size of the Walker & Dunlop Board was increased from eight to eleven members in connection with the Company's acquisition of CWCapital LLC.
The appointment of Malone was made pursuant to the Purchase Agreement, dated June 7, 2012, by and among the Company, Walker & Dunlop, LLC, CW Financial Services LLC ("CW Financial") and CWCapital, which provides that CW Financial is entitled to designate up to two Board members for each election of directors through the Company's annual meeting to be held in 2014, subject to CW Financial or its affiliates continuing to own at least 20% of the Company's issued and outstanding common stock.
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