Whitestone REIT announced that its Board of Trustees (the “Board”) has appointed Dave Holeman as Chief Executive Officer of the Company, effective immediately. Mr. James Mastandrea was also removed as Chairman of the Board, following his termination for cause, and David Taylor, an independent Trustee, was appointed Chairman of the Board. The Board's decision was made following an independent internal investigation, which found Mr. Mastandrea's conduct to be in violation of his employment agreement and inconsistent with Company standards and the responsibilities of the CEO.

Mr. Mastandrea's termination is not related to Whitestone's operating performance, financial condition or financial reporting.