Stepping down: Pat Duncan to leave his position of CEO of USAA RealCo in May.

SAN ANTONIO-Pat Duncan, CEO of USAA Real Estate Co., is retiring from day-to-day oversight of the company effective May 1. Len O’Donnell, the company’s current president and COO, will take over the role of CEO.

Duncan, who joined USAA RealCo in 2005, will remain on several boards related to the company, including the RealCo board as executive vice chairman. He’ll also remain on the boards of various RealCo subsidiaries and affiliates.

“Pat’s record, especially successfully leading RealCo during the recent economic downturn, is outstanding,” says Joe Robles, USAA president and CEO in a press release. “Thanks to Pat’s leadership, USAA Real Estate Company has grown to be a major industrial developer that is highly respected, and Len has proven himself well-qualified to build on that tradition.”

O’Donnell joined USAA in early 2011 after years of being a RealCo development partner. He served as principal and chief investment officer for Crimson Real Estate Fund, which specialized in value-added acquisitions and build-to-suit development. A graduate of the University of Delaware, O’Donnell also served as president and CEO of Crimson Capital Ltd., a diversified real estate investment company offering investment management services, as well as development, property management and leasing.