Global data center REIT CyrusOne has ‘separated’ with CEO Bruce Duncan after just a year and rehired David (Dave) Ferdman, the company’s co-founder and former top executive. Bruce Duncan’s resignation took effect immediately after the CyrusOne’s second-quarter financial figures were released this week. The corporation did not provide an explanation for the abrupt management change.
Bruce Duncan is a veteran real estate executive although he didn’t have any direct experience in the data center industry previously. This CEO transition marks CyrusOne’s third leadership change in only 18 months. Mr. Duncan succeeded CyrusOne’s interim president and CEO Tesh Durvasula in the summer of 2020, after Gary Wojtaszek’s sudden resignation as CyrusOne’s CEO in February last year.
Dave Ferdman will serve as the company’s new CEO until a successor is identified and will remain a member of the company’s Board of Directors.
“CyrusOne is a world-class organization with a track record of delivering flexible, reliable, and scalable data center solutions for our customers in key digital gateway markets in the United States and Europe,” said Dave Ferdman, the newly appointed interim President & CEO, CyrusOne. “I look forward to working with our team as we execute on our plan and create shareholder value, while working with the Board to evaluate potential successors.”
‘Decades of Industry Experience’
CyrusOne operates 50 data centers worldwide. It serves about 1,000 customers, including approximately 200 Fortune 1000 companies.
Mr. Ferdman was a co-founder of CyrusOne and served as the company’s President and CEO from 2000 until June 2010. Mr. Ferdman was President from August 2011 to August 2011 and Chief Strategy Officer from January 2013 to January 2013.
“Dave has remained continuously engaged with the company in various roles, including serving on the Board of Directors since 2013. As our Interim President & Chief Executive Officer, Dave brings to the team decades of industry experience, dynamic leadership, and a deep understanding of our business,” said Lynn Wentworth, Chair of the CyrusOne Board. “We are confident Dave will lead our company forward towards achieving its plan and objectives during this transition period. On behalf of the entire Board, I would like to thank Bruce Duncan for his leadership over the past year, and we wish him well in his future endeavors.”