UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): June 30, 2010
CORPORATE PROPERTY ASSOCIATES 17 GLOBAL INCORPORATED
(Exact Name of Registrant as Specified in Charter)
Maryland
(State or Other Jurisdiction of Incorporation)
(State or Other Jurisdiction of Incorporation)
000-52891 | 20-8429087 | |
(Commission File Number) | (IRS Employer Identification No.) | |
50 Rockefeller Plaza, New York, NY | 10020 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrants telephone number, including area code: (212) 492-1100
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Gordon F. DuGan resigned as Chief Executive Officer and a member of the Board of Directors of
Corporate Property Associates 17 Global Incorporated, or the Company, effective July 6, 2010 in
conjunction with his resignation as the chief executive officer and a member of the board of
directors of W. P. Carey & Co. LLC, or W. P. Carey, the Companys investment advisor. In its
Report on Form 8-K reporting Mr. DuGans resignation from W. P. Carey, W. P. Carey stated that Mr.
DuGan indicated that his resignation was based on irreconcilable differences of opinion concerning
the degree of authority and control that should be exercised by the Chairman over day to day
operations, as well as a difference of opinion with the Chairman regarding the strategic direction
of W. P. Carey.
Trevor P. Bond has been appointed the interim Chief Executive Officer of W. P. Carey effective
July 6, 2010. Under the advisory agreement between the Company and W. P. Carey, Mr. Bond will also
serve as the interim Chief Executive Officer of the Company. Mr. Bond will also serve as the
interim Chief Executive Officer of the other CPA REITs, namely Corporate Property Associates 14
Incorporated, or CPA®:14, Corporate Property Associates 15 Incorporated, or
CPA®:15, and Corporate Property Associates 16 Global Incorporated, or
CPA®:16 Global, each of which is also advised by W. P. Carey pursuant to advisory
agreements with those entities. Mr. Bond is the son of the second husband of the daughter of the
half sister of Wm. Polk Carey, the Companys Chairman.
Mr. Bond, age 48, also serves as a director of W. P. Carey. Mr. Bond served as a director and
a member of the Audit Committees of CPA®:14, CPA®:15 and CPA®:16
Global from 2005 to April 2007. Until his appointment as interim Chief Executive Officer of W.
P. Carey, Mr. Bond was a member of the investment committee of the Companys advisor, which reviews
investments on behalf of the Company and the other CPA REITs. Mr. Bond has been the managing
member of a private investment vehicle investing in real estate limited partnerships, Maidstone
Investment Co., LLC, since 2002. Mr. Bond served in several management capacities for Credit Suisse
First Boston (CSFB) from 1992 to 2002, including: co-founder of CSFBs Real Estate Equity Group,
which managed approximately $3 billion of real estate assets; founding team member of Praedium
Recovery Fund, a $100 million fund managing distressed real estate and mortgage debt; and as a
member of the Principal Transactions Group managing $100 million of distressed mortgage debt. Prior
to CSFB, Mr. Bond 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 also founded and managed
an international trading company from 1985 to 1987 that sourced industrial products in China for
U.S. manufacturers. Mr. Bond received an M.B.A. from Harvard University. Mr. Bond has over 25 years
of real estate experience in several sectors, including finance, development, investment and asset
management, across a range of property types, as well as direct experience in Asia.
Also effective July 6, 2010, Mark J. DeCesaris was appointed as W. P. Careys Chief Financial
Officer. Under the Companys advisory agreement with W. P. Carey, he also became the Companys
Chief Financial Officer. Mr. DeCesaris has served as the Companys Acting Chief Financial Officer
and Managing Director since October 2007. He has also served in the same capacities with W. P.
Carey, CPA®:14, CPA®:15 and CPA®:16 Global since November 2005.
Mr. DeCesaris had previously been a consultant to W. P. Careys finance department since May 2005.
Prior to joining W. P. Carey, from 2003 to 2004 Mr. DeCesaris was Executive Vice President for
Southern Union Company, a natural gas energy company publicly traded on the New York Stock
Exchange, where his responsibilities included overseeing the integration of acquisitions and
developing and implementing a shared service organization to reduce annual operating costs. From
1999 to 2003, Mr. DeCesaris was Senior Vice President for Penn
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Millers Insurance Company, a property and casualty insurance company, where he served as
President and Chief Operating Officer of Penn Software, a subsidiary of Penn Millers Insurance.
From 1994 to 1999, Mr. DeCesaris was President and Chief Executive Officer of System One Solutions,
a business consulting firm that he founded. Mr. DeCesaris is a licensed Certified Public Accountant
and started his career with Coopers & Lybrand in Philadelphia. Mr. DeCesaris graduated from Kings
College with a B.S. in Accounting and a B.S. in Information Technology. Mr. DeCesaris currently
serves as a member of the Board of Trustees of Kings College and the Board of Trustees of the
Chilton Memorial Hospital Foundation and is a member of the American Institute of Certified Public
Accountants.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Corporate Property Associates 17 Global Incorporated |
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Date: July 7, 2010 | By: | /s/ Susan C. Hyde | ||
Susan C. Hyde | ||||
Managing Director | ||||
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