Voltari Corp. (NASDAQ: VLTC)’s CFO, Andreea Paraschivoiu, recently transitioned to fulltime employment at the company. Although she was hired for the CFO role in April, Paraschivoiu continued to discharge her duties as a part-time employee until June 1. VLTC is hoping that having Paraschivoiu working for it fulltime will strengthen its management team as it seeks to create more value for shareholders.
Paraschivoiu and Voltari Corp. (NASDAQ: VLTC) agreed to a base salary of $200,000 on annualized basis. During her part-time employment, Paraschivoiu’s salary was adjusted accordingly to reflect the hours she worked.
In addition to the base salary, Voltari said that Paraschivoiu is eligible to certain bonuses as may be determined by its board. Voltari also said that it had entered into a non-disclosure, non-disparagement and confidentially covenants with Paraschivoiu.
Can Paraschivoiu help transform VLTC?
According to Voltari Corp. (NASDAQ: VLTC), in Paraschivoiu it is hiring an industry veteran who will help take the company to the next level. Paraschivoiu was working with RealFoundations where she provided management consulting services before she was hired by Voltari. Working with RealFoundations saw Paraschivoiu build important business connections with real estate investment managers that included managers at RIETs and pension funds.
Before joining RealFoundations, Voltari said that Paraschivoiu worked with AIG Global Real Estate Investment Corp as director of finance. At various times in the past years, Paraschivoiu worked with Deloitte & Touché LLP as well as Arthur Andersen LLP in the position of auditor.
Asset acquisition by Voltari Corp (NASDAQ: VLTC)
In the period that Paraschivoiu worked with Voltari Corp (NASDAQ: VLTC) on part-time basis, the company acquired a parcel of real estate in New York from Flanders Holding, LLC. The acquisition was valued at $2.8 million and VLTC said it paid for the asset using cash on hand as well as borrowing through its revolving credit facility.
The acquired property is on lease to 7-Eleven, Inc. The existing lease agreement expires in 2029 and is subject to four renewals with each renewal term running for five years. The property is leased to 7-Eleven at an annual rate of $161,000 based on the original lease agreement.