SAN FRANCISCO—Digital Realty Trust, Inc., a leading global provider of data center solutions, says that Michael Foust has departed as chief executive officer, effective immediately. The board has appointed William Stein,CFO and chief investment officer, to serve as interim chief.
“We are very thankful to Mike for his many years of dedicated service to Digital Realty, and for the remarkable business he has built,” said Dennis Singleton, chairman of the board of directors. “Under his leadership, Digital Realty has dramatically expanded the size of its asset base, from a $1 billion collection of properties at the IPO in 2004 to a global platform with a $12 billion enterprise value.
“With this solid foundation in place, the board and Mike mutually agreed that it was an appropriate time to find the next leader to help guide Digital Realty to the next level and scale of operational sophistication.
“We are gratified that Bill Stein has agreed to serve as interim chief executive officer while we conduct a search for a successor,” Singleton added.
The board plans to retain a leading executive search firm to immediately begin a search for a successor. The board has also established a transition committee, comprised of independent board members William LaPerch and Robert Zerbst, to ensure a smooth transition.
Digital Realty expects to record a one-time charge in the first quarter of 2014 of approximately $0.10 per share related to Foust’s separation compensation. Excluding this one-time charge, the company’s 2014 core FFO per share guidance of $4.75-$4.90 remains unchanged.