NEW YORK CITY-Gordon DuGan has resigned as president and CEO ofW.P. Carey & Co. over disagreements with chairman Wm. PolkCarey, the company said Monday. Board member Trevor Bond has beennamed interim CEO until a permanent replacement can be found.
In a statement, DuGan says his resignation was precipitated by adisagreement over Carey’s “degree of authority and control” anddifferences about the investment firm’s strategic direction. DuGanwas named CEO in 2005, six years after becoming the company’spresident. He first joined W.P. Carey in 1988.
“I am gratified that I leave the company as it is performingwell and in a solid financial position,” DuGan says in astatement. “I wish the company well in the future.” For hispart, Carey says in a statement that he remains an admirer ofDuGan’s “abundant investment management and general businesstalent” although he and DuGan “have not been strategically alignedin recent years.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
