First Industrial Realty Trust, Inc., the well-known developer and operator in the world of industrial real estate, has disclosed the plan of President and CEO Bruce W. Duncan to retire before 2016 ends. According to reports, this has something to do with the orderly transition of the company's leadership.
The company's board of directors is expected to make a process of selection for the successor of Mr. Duncan, which will include both external and internal candidates. The international organizational advisory company, Korn Ferry, has been commissioned to help in the said process.
In addition, the company also revealed about the appointment of Mr. Duncan as the chairman of the board. Ed Tyler, the former non-executive chairman, will still remain as a board member. John Rau was also appointed by the independent directors of the board as lead independent director. Mr. Rau, the chairman of the governance and nominating committee, has also served as the company's director since 1994. He was also the CEO of Chicago Title and Trust and the LaSalle Bank as well. He is, at present, the CEO and President of Miami Corporation, a private asset management company that is based in Chicago.
Since January of 2009, Mr. Bruce Duncan has provided a strong company leadership, has notably transformed its balance sheet, operations and portfolio, and has delivered an effective financial performance. The board recognized these contributions while he was still the CEO, and the company looks forward to Mr. Duncan's current leadership.
According to Mr. Duncan, he is very proud of what their company has accomplished as a strong team at First Industrial. He also expressed his excitement at the possible opportunities that are coming for the company.
First Industrial Realty Trust, Inc. is the leading developer and owner of industrial real estate, which is completely integrated and has a good history of giving industry-leading customer assistance to the regional clients and multi-national corporations, News Channel 10 reported.
