W.P. Carey CEO Mark DeCesaris leaves at short notice

  • Push-out Score suggests push-out forces
  • After less than two years in the position
  • Accolades, praise and thanks for DeCesaris
  • Jason Fox taking over
  • DeCesaris spoke at length and said 100 words

(exechange) — New York, November 03, 2017 — Mark DeCesaris, chief executive of W.P. Carey, leaves. It is a change at short notice. As announced by W.P. Carey Inc. in a news release on Friday, November 03, 2017, Mark Joseph DeCesaris leaves the post as Chief Executive Officer at the real estate investment trust after less than two years in the position, effective December 31, 2017.

No company wants a CEO to flame out in the first years.

Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who departed over the past twelve months was 8.8 years, according to data compiled by exechange. Only 12 percent of the CEOs who departed over the past twelve months left the position within two years, and 22 percent left the position within three years.

DeCesaris’ duties are taken over by Jason Fox, currently President at W.P. Carey Inc.

“This transition comes at a time of strength for W. P. Carey”

DeCesaris’ imminent departure from the post of CEO is explained as follows. Mark DeCesaris said: “This transition comes at a time of strength for W. P. Carey, having created a simpler, more efficient company with a long-term strategy of focusing exclusively on growing its portfolio of diversified, high-quality net lease assets.”

Precise information about the future plans of DeCesaris was not immediately available.

“Retire”

W.P. Carey said: “Mark J. DeCesaris will retire as Chief Executive Officer and a member of the Board of Directors, effective December 31, 2017.”

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.

In the position of CEO since 2016

Mark J. 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.

Prior to his current position, DeCesaris was Chief Financial Officer of W. P. Carey Inc. from 2010 to 2013 and served as W. P. Carey’s Acting Chief Financial Officer from 2005 to 2010.

Before joining the firm, from March 2003 to December 2004, DeCesaris was Executive Vice President for Southern Union Company, a natural gas energy company publicly traded on the NYSE, where he oversaw the integration of acquisitions and developed and implemented a shared service organization to reduce annual operating costs.

From August 1999 to March 2003, he was Senior Vice President for Penn 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 August 1999, he was President and Chief Executive Officer of System One Solutions, a business consulting firm that he founded.

He started his career with Coopers & Lybrand in Philadelphia, earning his CPA license in 1983. DeCesaris graduated from Kings College with a B.S. in Accounting and a B.S. in Information Technology.

He currently serves on the Board of Kings College and on the Board of the Denver Mile High Youth Corps, Petroleum Service Co. and Mountain Productions, Inc.

Push-out Score suggests push-out forces

It is not completely certain what forces eventually triggered Mark DeCesaris’ imminent move.

The Push-out Score™ determined by exechange suggests that push-out forces may have contributed to the management change.

Read the full story in the exechange report 45.2017 ($).