Wall Street Journal - July 6, 2010
Real-estate investment firm W.P. Carey & Co. LLC (WPC) said Chief Executive Gordon DuGan has resigned after clashing with Chairman Wm. Polk Carey about the direction of the company and Carey's "authority and control" of it.
Board member Trevor Bond was named interim CEO while the company also announced the acting tag was taken off of Chief Financial Officer Mark DeCesaris after nearly five years. Since November 2005, he was acting CFO as well as chief administrative officer.
The changes come as W.P. Carey has seen generally lower results in recent quarters as some investors in the real-estate space are looking to take advantage of a perceived undervaluation of some assets in the wake of tumbling property prices. The company provides long-term sale- leaseback and build-to-suit financing for companies worldwide and manages a global investment portfolio approaching $10 billion.
"Though Gordon and I have not been strategically aligned in the recent years, I remain an admirer of his abundant investment management and general business talent," said Carey.
DuGan added, "I am gratified that I leave the company as it is performing well and in a solid financial position. I wish the company well in the future." He became co-CEO in 2002 after joining the company in 1988 as an assistant to Carey and became ole CEO in 2005.
Bond joined W.P. Carey's board in 2007 and has spent a quarter-century in the real-estate business, including stints at Maidstone Investment Co. LLC, Credit Suisse Group (CS) and Goldman Sachs Group Inc. (GS).
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