Attached files
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8-K - FORM 8-K - W. P. Carey Inc. | y85458e8vk.htm |
EX-17.1 - EX-17.1 - W. P. Carey Inc. | y85458exv17w1.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE |
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COMPANY CONTACT:
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PRESS CONTACT: | |
Kristina McMenamin
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Guy Lawrence | |
W. P. Carey & Co. LLC
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Ross & Lawrence | |
212-492-8995
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212-308-3333 | |
kmcmenamin@wpcarey.com
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gblawrence@rosslawpr.com |
Trevor P. Bond Appointed Interim Chief Executive Officer and
Mark J. DeCesaris Appointed Chief Financial Officer of W. P. Carey
Mark J. DeCesaris Appointed Chief Financial Officer of W. P. Carey
NEW YORK, NY July 6, 2010 Investment firm W. P. Carey & Co. LLC (NYSE: WPC) announced today
that board member Trevor P. Bond has been appointed interim Chief Executive Officer effective July
6, 2010. He will remain as a board member but will resign as a member of the Compensation and Audit
Committees of the Board.
Mr. Bond has served as an independent director of the company since April 2007 and served as
a director of several of the companys CPA® REIT programs from 2005 to 2007.
He has over 25 years of management experience in several sectors, including finance, development,
investment and asset management across a range of property types, as well as direct experience in
Asia. Mr. Bond has been the managing member of Maidstone Investment Co., LLC since 2002, a private
investment vehicle investing in real estate limited partnerships. Previously he served in several
management capacities for Credit Suisse First Boston from 1992 to 2002, where he was co-founder of
CSFBs Real Estate Equity Group, which managed approximately $3 billion of real estate assets.
Prior to CSFB, he served as an associate to the real estate and finance departments of Tishman
Realty & Construction Co. and Goldman, Sachs & Co. in New York. Mr. Bond received an M.B.A. from
Harvard University.
Mr. Bond will serve as interim CEO until a permanent successor is named. Mr. Bonds appointment
follows the resignation of Gordon F. DuGan, also effective July 6, 2010. Mr. DuGan said that his
resignation is based on a disagreement with respect to the degree of authority and control of the
Chairman and a disagreement with the Chairman on the strategic direction of the company.
Wm. Polk Carey, Chairman of W. P. Carey & Co., said, Trevor brings to this role
extensive management experience and a strong commitment to our investors and tenants. I thank him
for stepping into this interim position. I wish all the best to Gordon DuGan, who has served W. P.
Carey with skill and intelligence for many years. 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.
Mr. Bond said, Having been a member of the Board for three years, I know firsthand that we have
both great management depth and talented employees. I welcome the opportunity to serve as interim Chief Executive Officer. We have a great history and a bright
future. He added, We are grateful to Gordon for his service of more than 20 years and wish him
all the best.
Mr. DuGan said, 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.
The Board also appointed Mark J. DeCesaris as Chief Financial Officer, effective July 6, 2010. Mr.
DeCesaris has served as the Companys Acting Chief Financial Officer, Chief Administrative
Officer and Managing Director since November 2005. Mr. DeCesaris had previously been a consultant
to the companys finance department since May 2005. Mr. DeCesaris is a Certified Public Accountant
and held various management positions prior to joining the company. He graduated from Kings
College with a B.S. in Accounting and a B.S. in Information Technology and began his career with
Coopers & Lybrand in Philadelphia.
On July 5, 2010 the Board also formally appointed Benjamin H. Griswold, IV as Lead Director,
succeeding Eberhard Faber, IV, who has served as Lead Director since December 2006. Mr. Griswold
has served as a member of the Board since 2006 and currently serves as Chairman of the Compensation
Committee and on the Executive, Nominating and Corporate Governance and Strategic Planning
Committees. Mr. Faber will continue to be a member of the Board.
W. P. Carey & Co. LLC (NYSE: WPC) is an investment management company that provides long term sale
leaseback and build to suit financing for companies worldwide and manages a global investment
portfolio approaching $10 billion. Publicly traded on the New York Stock Exchange (WPC), W. P.
Carey and its CPA® series of income generating, non-traded REITs help companies and
private equity firms unlock capital tied up in real estate assets. The W. P. Carey Groups
investments are highly diversified, comprising contractual agreements with approximately 275
long-term corporate obligors spanning 28 industries and 16 countries. http://www.wpcarey.com