Retail Value Inc.'s independent directors, Gary N. Boston, Henrie W. Koetter and Scott D. Roulston, resigned from the Company's Board of Directors on July 1, 2022 and the Board reduced its size to three. In order to fill the remaining vacancy, on July 1, 2022, the Board elected Conor M. Fennerty, currently the Company's Executive Vice President, as a director. The Board also appointed David R. Lukes, currently a director and the Company's President and Chief Executive Officer, as Chairman of the Board and appointed Mr. Fennerty as a member of the Audit Committee.

The Board now consists exclusively of management directors, namely Messrs. Lukes and Fennerty and Christa A. Vesy. The transition to a Board comprised exclusively of management directors was designed to curtail expenses after the delisting of the Company's common shares from the New York Stock Exchange and to recognize the substantial completion of the Company's original strategy.