- Push-out Score determined
- After about a year in the position
- Thanks and good wishes for Duncan
- Dave Ferdman taking over temporarily
- Search for a successor
(exechange) — Dallas, Texas, July 28, 2021 — Bruce Duncan, chief executive of CyrusOne, leaves. As announced by CyrusOne Inc. in a news release and in a regulatory filing published on Wednesday, July 28, 2021, Bruce W. Duncan leaves his post as chief executive officer at the global data center REIT after about a year in the role, effective immediately following the filing of CyrusOne’s Form 10-Q for the fiscal quarter ended June 30, 2021.
CyrusOne will undertake a search for a successor.
Bruce Duncan’s duties as CEO will be taken over temporarily by David H. (Dave) Ferdman, the Company’s co-founder and former Chief Executive Officer at CyrusOne Inc., as interim Chief Executive Officer.
Already a director
Ferdman is already a director of CyrusOne.
No reason given
In the announcement, CyrusOne did not explicitly explain the reason for the move.
Precise information regarding Bruce Duncan’s future plans was not immediately available.
“Separating”
CyrusOne said: “CyrusOne, a premier global data center REIT, today announced the appointment of company Director David (“Dave”) Ferdman, the Company’s co-founder and former CEO, as interim President & Chief Executive Officer effective immediately following the filing of CyrusOne’s Form 10-Q for the fiscal quarter ended June 30, 2021 (the “Transition Date”). This appointment follows the Board of Directors separating with Bruce Duncan as President & Chief Executive Officer, and his resignation as a Director of the Company, effective on the Transition Date. Mr. Ferdman will serve until a successor is identified and will remain a member of the Board of Directors.”
CyrusOne further said: “On July 24, 2021, the Board of Directors (the “Board”) of CyrusOne Inc., a Maryland corporation (the “Company”) determined to separate with Bruce W. Duncan, with respect to his role as the Company’s President and Chief Executive Officer. In addition, Mr. Duncan and the Company mutually agreed that he would resign from the Board.”
“These actions were not related to any matter regarding the business or the Company’s operations, financial condition, reported financial results, internal controls or disclosure controls and procedures,” CyrusOne said.
Share price decline since July 2020
The announcement follows a decline in CyrusOne Inc.’s share price of 3% since July 2020. July 2020 is the month in which Duncan’s tenure as CEO began.
In the position of CEO since 2020
Bruce Duncan became CEO of the Company in 2020.
Prior to joining CyrusOne in July 2020, Duncan was the Chair of the Board and the former President and Chief Executive Officer of First Industrial Realty Trust, Inc. (“First Industrial”), a REIT that engages in the ownership, management, acquisition, sale, development and redevelopment of industrial real estate properties.
Duncan was the President and Chief Executive Officer of First Industrial from 2009 to 2016 and had served as a director since 2009 and Chair of the Board since January 2016.
Duncan was a private investor from January 2006 to January 2009.
Earlier in his career, Duncan held various positions at Equity Residential, one of the largest publicly traded apartment REITs in the United States, including Chief Executive Officer and Trustee from January 2003 to May 2005.
From December 1995 to March 2000, Duncan served as Chair, President and Chief Executive Officer of Cadillac Fairview Corporation, one of North America’s largest owners and developers of retail and office properties.
Duncan is a director of Boston Properties, Inc., the largest publicly-held developer and owner of Class A office properties in the United States, and was chair of its compensation committee prior to joining CyrusOne.
Duncan was Chair of the Board of Directors of Starwood Hotels & Resorts Worldwide, Inc. from May 2005 until its acquisition by Marriott International, Inc. in September 2016.
Duncan was a director of Marriott International, Inc. from 2016 until summer of 2020 and resigned as the Chair of First Industrial in July 2020.
Duncan has served as a director of the T. Rowe Price Mutual Funds since September 2013.
Duncan has been a senior advisor to Kohlberg Kravis Roberts & Co., a global investment firm, since November 2018.
Duncan received a BA in Economics from Kenyon College and an MBA in Finance from the University of Chicago.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Bruce Duncan’s move on a scale of 0 to 10.
exechange reached out to CyrusOne and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 31.2021 ($).