QTS Realty Trust CFO Bill Schafer leaves post at short notice

  • Signs for push-out forces
  • After almost four years on the job
  • Laud and praise for Schafer
  • Jeff Berson taking over
  • Schafer will remain as EVP – Finance and Accounting at QTS Realty Trust

(management-change.com) — Overland Park, Kansas, February 21, 2017 — This news came the day after Presidents Day. Bill Schafer, finance chief of QTS Realty Trust, leaves the position. It is a change at short notice. As announced by QTS Realty Trust, Inc. in a news release and in a regulatory filing published on Tuesday, February 21, 2017, William H. (Bill) Schafer leaves the post as Chief Financial Officer at the real estate investment trust after almost four years on the job, effective April 03, 2017.

Schafer’s duties are taken over by Jeff Berson, currently Chief Investment Officer at QTS Realty Trust, Inc.

“Succession planning process”

The imminent management change is explained as follows. QTS Realty Trust said: “This change is part of the Company’s succession planning process.”

“Succeed”

QTS Realty Trust said: “Berson will succeed Schafer as QTS’ Chief Financial Officer.”

Schafer will remain as EVP – Finance and Accounting at QTS Realty Trust

“Schafer will transition to the position of Executive Vice President – Finance and Accounting where he will continue to lead key components of the Company’s finance organization,” QTS Realty Trust said.

Schafer plans to stay with QTS indefinitely, supporting the transition and continuing to lead key accounting and finance functions within QTS.

Chaired by Chad Williams

QTS Realty Trust, Inc. is chaired by Chad L. Williams.

Chad Williams has served as Chairman and Chief Executive Officer since founding QTS in 2003.

On the job as CFO since 2013

Schafer has served as Chief Financial Officer of the Company and the Operating Partnership since the Company’s initial public offering in October 2013.

Previously, he served as the Chief Financial Officer of the Company’s predecessor from 2010 to the Company’s initial public offering.

Schafer has more than 20 years of experience in the REIT industry and 34 years of experience in financial operations, accounting systems and financing activities.

Prior to joining the Company’s predecessor, Schafer was the chief financial officer of DDR Corp. (NYSE: DDR) from 1992 to 2010, a public REIT and an owner and developer of retail properties.

Prior to joining DDR Corp., Schafer was a senior manager of PricewaterhouseCoopers LLP.

Schafer earned a Bachelor of Arts degree in business administration from the University of Michigan.

Signs for push-out forces

It is not completely certain what forces eventually triggered Bill Schafer’s 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 09.2017 ($).