- Signs for push-out forces
- After about twelve years on the job
- Laud, praise and thanks for Zacharias
- Brooks Gordon takes over
(management-change.com) — New York, December 09, 2016 — Tom Zacharias, top manager of W. P. Carey, leaves. As announced by W. P. Carey Inc. in a news release on Friday, December 09, 2016, Thomas E. (Tom) Zacharias, Chief Operating Officer and Head of Asset Management, leaves the internally-managed net lease real estate investment trust in a surprising move after about twelve years on the job, effective March 31, 2017.
Zacharias’ duties are taken over by Brooks G. Gordon, most recently Managing Director at W. P. Carey Inc.
“I know this is the right time”
The management change is explained as follows. Zacharias said in a fairly blunt statement: “While it is never easy to step away from a job you love, I know this is the right time”.
W. P. Carey said: Zacharias “has informed the Company that he will retire from the Company effective March 31, 2017”.
Precise information about the future plans of Zacharias was not immediately available.
Share price decline
The change follows a decline in the share price of W. P. Carey Inc. since July 2016.
Chaired by Benjamin H. Griswold, IV
W. P. Carey Inc. is chaired by Benjamin H. Griswold, IV.
Griswold currently serves as Non-Executive Chairman of the Board, having previously served as Lead Director from July 2010 to January 2012. He has also served as Chairman of the Executive Committee since June 2014.
Mark J. DeCesaris serves as CEO of W. P. Carey Inc. DeCesaris was appointed Chief Executive Officer in February 2016. He has served as a member of the Company’s Board of Directors since July 2012.
On the job as Chief Operating Officer and Head of Asset Management since 2005
Zacharias has been the Chief Operating Officer of W. P. Carey Inc., since March 2005 and has been its Head of Asset Management Department and Managing Director since April 2002.
Zacharias has extensive experience in real estate acquisitions, financing, development, leasing, restructurings, and asset management.
He is responsible for overseeing domestic and international asset management activity in all property types.
Prior to joining W. P. Carey, Zacharias was a Senior Vice President of MetroNexus North America, a Morgan Stanley Real Estate Fund Enterprise.
Prior to MetroNexus, Zacharias was a Principal at Lend Lease Development U.S., a subsidiary of Lend Lease Corporation, a global real estate investment management company.
Between 1981 and 1998 Zacharias was a senior officer at Corporate Property Investors (CPI), which at the time of its merger into Simon Property Group in 1998, was the largest private equity REIT.
He received his undergraduate degree, magna cum laude, from Princeton University and an M.B.A. from Yale School of Management.
He is a member of the Urban Land Institute, International Council of Shopping Centers, and NAREIT.
Zacharias will remain a consultant for the balance of 2017.
Signs for push-out forces
It is not completely certain what forces eventually triggered Tom Zacharias’ move.
The Push-out Score™ determined by management-change.com suggests that push-out forces may have contributed to the management change.
Read the full story in the management-change.com report 46.2016 ($).