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.”

|

During his tenure as W.P. Carey’s interim CEO, Bond will remaina board member but will resign from the board’s compensation andaudit committees. Bond has been an independent director of thecompany since 2007, and served as director of several of thecompany’s CPA REIT programs from ’05 to ’07.

|

Also on Monday, W.P. Carey announced that Mark DeCesaris hadbeen named CFO, having served as acting CFO since November 2005. Hewas a consultant to the company’s finance department for six monthsprior to taking on the role of acting CFO.

|

In May, W.P. Carey reported first-quarter results that showeddeclines in adjusted funds from operations, cash flow, net revenueand net income compared to Q1 2009. Since then, it has completed anumber of acquisitions, including the purchase of two Tampa, FLoffice properties net-leased to JPMorgan Chase from a BrookfieldAsset Management affiliate for a reported $58.3 million. It alsoagreed to provide $41 million of build-to-suit financing to the SunProducts Co. for a distribution center in Bowling Green, KY.

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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.