CoreSite Realty Corporation (NYSE:COR), a provider of data center and interconnection solutions across the U.S., has announced that Tom Ray is retiring from the company and that its board of directors has appointed Paul Szurek as President and Chief Executive Officer (CEO).
Paul Szurek, who has been CoreSite’s lead independent director since September 2010, will assume the role on September 10, 2016, and Tom Ray will step down from his role as CoreSite’s President, CEO and Board Director. Mr. Ray will continue to serve as a consultant to the CoreSite to assist with the transition through June 30, 2017.
Paul Szurek has been Chief Financial Officer of Biltmore Farms, a residential and commercial real estate development and operating company, since 2003. Prior to joining Biltmore Farms, Mr. Szurek served as Chief Financial Officer (CFO) of Security Capital Group Incorporated, a publicly traded real estate investment, development and operating company with extensive REIT engagement.
“Paul, an active and valuable contributor to the CoreSite Board, has been instrumental in providing oversight of the Company’s growth and strategic direction,” said Robert Stuckey, Chairman of CoreSite’s Board of Directors. “He is an accomplished executive with a deep understanding of our business, operations and the strategies we are implementing. Paul’s private company development and operations experience at Biltmore and his extensive public company experience with Security Capital Group, where he was actively involved in almost every aspect of governance, strategy and execution, provide the right skill set to continue CoreSite’s growth and progress.”
At Security Capital, Paul Szurek held a variety of roles. As Security Capital‘s Senior Vice President of Corporate Finance, he oversaw the financing strategy and execution for its affiliated REITs and participated in all of the mergers and acquisitions activity. He was also Co-Managing Director of Security Capital U.S. Realty, a Luxembourg company which made strategic investments in U.S. REITS and helped generate above-market returns by providing strategic guidance.
“It is an honor to be appointed President and Chief Executive Officer of CoreSite,” said Paul Szurek. “I have worked very closely with Tom and the CoreSite team over the years and have gained profound knowledge and respect for what the entire team has built. With the support of our talented team, we will continue to execute on our strategy, support our customers, provide growth opportunities for our employees and deliver value to our shareholders.”
Mr. Szurek was promoted to CFO of Security Capital in 1997, where he supported the company from its IPO, through its acquisition by GE Real Estate in 2002. He managed Security Capital’s financial structure and capital access, participated in its acquisition and disposition activity and led the restructuring and optimization of its shared operations center. The shared operations center was an innovative undertaking, being one of the first in the industry to implement a cloud-based operating and financial system in order to achieve greater controls, more flexibility and significant efficiencies.
“I am confident that Paul will be a great addition to our excellent management team as we pursue our ongoing goals of sustainable profitable growth over the near and long term and value creation for all shareholders,” added Mr. Stuckey. “Tom is leaving an admirable legacy. As a Board, we understand the importance of continuity and succession planning, and we are pleased that Paul and Tom are collaborating closely for a smooth transition.”