Preferred Apartment Communities (PAC) reported that its Board of Directors has unanimously appointed Joel Murphy to the additional position of Chairman of the Board. Murphy will continue to serve as President and Chief Executive Officer. The Board also unanimously appointed Howard McLure to continue to serve as its Lead Independent Director. Murphy has served as the Company's Chief Executive Officer since January 2020, and as a member of the Board of Directors since May 2019. Prior to his appointment as Chief Executive Officer of the Company, Murphy served as Chief Executive Officer of New Market Properties, LLC, the subsidiary of the Company that owns the Company's grocery anchored retail investments. He also has served as Chair of the Investment Committee for the Company since June 2018. Murphy has over 30 years of experience as an executive officer, principal and advisor in multifamily and retail projects, portfolios and investments. McLure has served on the Company's Board of Directors since March 31, 2011. In addition, since January 1, 2014, McLure has been the Company's Lead Independent Director. McLure has also served in various executive management roles throughout his over 30 year career, including serving as Executive Vice President of CVS Caremark Corp. and President of Caremark Pharmacy Services, a division of CVS Caremark Corp., where he was responsible for all sales and operations of the division. McLure also served in executive management and financial roles at Caremark, Rx, prior to its merger with CVS. McLure continues to serve on the Board of Vituro Health.