- After almost nine years in the position
- Praise for Trimble
- Darrell Crate taking over
- Trimble kept it short and said 58 words
(exechange) — Washington, D.C., December 7, 2023 — Bill Trimble, chief executive of Easterly, leaves his position. As announced by Easterly Government Properties Inc. in a news release and in a regulatory filing published on Thursday, December 7, 2023, William C. (Bill) Trimble leaves his post as chief executive officer at the real estate investment trust, after almost nine years in the role, effective December 31, 2023.
Generally speaking, it raises questions when a CEO leaves his post at short notice.
Bill Trimble’s duties as CEO will be taken over by Darrell W. Crate, currently Chairman of the Board at Easterly Government Properties Inc.
Bill Trimble’s move coincides with a management shake-up also involving the positions of Chief Financial Officer; and President and COO.
“Connected to Easterly’s foundational mission and values”
Easterly did not give an explicit reason for Bill Trimble’s departure from the CEO post. Easterly stated: “As Co-Founder of the Company and Executive Chairman of the Board, Mr. Crate has played a crucial role in the development and execution of its operational strategy since inception. His transition to CEO ensures the Company’s succession plan remains connected to Easterly’s foundational mission and values.”
Precise information regarding Bill Trimble’s future plans was not immediately available.
“Retire”
Easterly said: “In connection with Mr. Crate’s appointment, William C. Trimble, III will retire from his position as President and CEO of Easterly effective December 31, 2023.”
“Not the result of any disagreement”
Easterly stated, regarding the change: “Mr. Trimble’s retirement is not the result of any disagreement or dispute between Mr. Trimble and the Company.”
Share price decline since December 2020
The announcement follows a decline in Easterly Government Properties Inc.’s share price of 43% since December 2020.
In the position of CEO since 2015
Bill Trimble became CEO of the Company in 2015.
William C. Trimble, III has served as the Company’s Chief Executive Officer, President and a director since February 2015.
Trimble co-founded Easterly Partners, LLC and had been its Chief Executive Officer and Managing Partner from August 2011 until the Company’s initial public offering completed in February 2015.
Prior to joining Easterly Partners, LLC, Trimble served from April 2009 to August 2011 as the Chief Operating Officer and as a member of the Investment Committee of PRP, LLC, an investment management firm that managed funds that invested in properties leased to the U.S. General Services Administration, or GSA.
Trimble also spent ten years as head of client relations for Red Comb, LLC, a Baltimore, Maryland-based asset management firm specializing in domestic, small capitalization equity securities.
Trimble previously spent five years as head of marketing and a member of the Investment Committee of Winston Capital Management in McLean, Virginia.
In 1994, he co-founded the Winston Growth Fund, a long-short equity fund of funds. Trimble’s board memberships presently include serving as Chairman of the board of the Aircraft Owners and Pilots Association, a global organization supporting general aviation, and as a member of the boards of Bessemer Securities Corporation and The Bessemer Trust Company, N.A.
Trimble earned his MBA and BA from Duke University.
58 words by Bill Trimble
In the release announcing his departure as CEO of Easterly Government Properties Inc., Bill Trimble received praise.
In announcing his departure, Bill Trimble kept it short and said 58 words.
“Continue to flourish”
Bill Trimble stated: “Darrell and I co-founded this great organization in 2015, and I have every confidence he and the team will continue to drive shareholder value. Further, I want to thank the Board of Directors and Easterly’s exemplary employees for their dedication. Serving as CEO has been an honor, and I look forward to seeing the company continue to flourish.”
Push-out Score for Bill Trimble’s move determined
The Push-out Score indicates on a scale of 0 to 10 how likely it is that Bill Trimble was pushed out or felt pressure to leave his position.
exechange reached out to Easterly and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 50.2023 ($).