Digital Realty Trust, Inc. has announced that its board of directors has appointed A. William Stein as chief executive officer and to the board of directors, effective immediately. Stein has been serving as interim CEO since March 2014 and has served as the company's Chief Financial Officer since July 2004, as well as its Chief Investment Officer from 2004 until April 2014.
On behalf of Digital Realty's board, chairman Dennis Singleton stated, "I am pleased to announce that after a thorough and deliberative search process, the board has unanimously chosen Bill Stein as Digital Realty's next CEO. Bill meets all the criteria we looked for in a new CEO, bringing a deep understanding of data centers, real estate and the broader technology landscape based on his 30 years of financial, investment and operational experience. As interim CEO, Bill has created impressive momentum in the business and made great strides in strengthening Digital Realty's operating and financial performance. His leadership capabilities are clearly evidenced by the improvement in return on invested capital since he took the helm as interim CEO in March 2014. Bill has a clear strategic vision for the company's future, a strong track record of sound financial stewardship and a big picture understanding of the future of our industry. With this appointment, the board looks forward to working with Bill to build on our recent momentum, and to help guide Digital Realty to the next level and scale of operational sophistication."
Stein said, "I am honored to be named Digital Realty's CEO. In my time as interim CEO, Digital Realty has made significant progress towards strengthening our business and building upon our extensive global portfolio of data centers, and I am grateful for the individual and collective contributions of everyone here at the company. We will continue to focus on growing our portfolio with the highest quality properties while culling under-performing assets, and will strive to improve operational efficiencies and strategically expand our global footprint. As CEO, I look forward to continuing to execute on our strategic priorities, sharpening our focus on customer service and cementing Digital Realty's reputation as the industry leader in data center solutions."
The appointment of Stein follows a comprehensive search process conducted by a special committee of the board of directors in conjunction with Spencer Stuart, a leading executive search firm.
Stein will continue to serve as CFO while the company searches for a permanent successor.