SAN FRANCISCO, May 9, 2017 /PRNewswire/ -- Digital Realty (NYSE: DLR), a leading global provider of data center, colocation and interconnection solutions, announced today that its Board of Directors has appointed Laurence A. Chapman as Chairman of the Board, in keeping with the company's commitment to sound corporate governance practices and longer-term succession planning. Mr. Chapman's appointment as Chairman is effective as of May 8, 2017 and follows his appointment as Vice Chairman in July 2016. The governance principle behind these changes is balancing fresh thinking and new perspectives with experience and continuity. Former Chairman Dennis E. Singleton will continue to serve on the Board of Directors in his recently appointed role as Chair of the Compensation Committee.
"There is no better successor than Laurence to take over leadership of the Board," said Mr. Singleton. "Laurence has served in a key leadership role throughout the company's growth and evolution since its initial public offering, and he is keenly aware of the technology and industry trends driving the data center landscape of the future. It has been a privilege to serve as Chairman of Digital Realty's Board, and I look forward to continuing to serve as a Director."
"I am deeply honored and very excited to accept this new role as Chairman," said Mr. Chapman. "Digital Realty has achieved significant growth and success with the guidance, support and many contributions of Dennis Singleton. I look forward to helping maintain our momentum and providing leadership for the Board and our management team as Digital Realty continues to execute its long-term strategy."
"On behalf of the entire management team, I would like to thank Dennis for his exemplary leadership and support as Chairman of the Board of Directors," said A. William Stein, Chief Executive Officer. "Like Dennis, I am also confident that Laurence is ideally qualified to serve as Chairman, given his extensive industry experience and deep knowledge of Digital Realty. I look forward to continuing to learn from and collaborate with him as Chairman."
Mr. Chapman has served on Digital Realty's Board of Directors since 2004. In addition to his new role as Chairman, Mr. Chapman will continue to serve as a member of the Audit Committee. Mr. Singleton joined Digital Realty's Board of Directors in 2004 and was appointed Chairman in 2012. Over that time, he has successfully overseen numerous fundamental transitions in Digital Realty's business, including a significant international expansion and two large strategic acquisitions that have meaningfully enhanced the company's growth profile and product mix.
About Digital Realty
Digital Realty supports the data center, colocation and interconnection strategies of more than 2,300 firms across its secure, network-rich portfolio of data centers located throughout North America, Europe, Asia and Australia. Digital Realty's clients include domestic and international companies of all sizes, ranging from financial services, cloud and information technology services, to manufacturing, energy, gaming, life sciences and consumer products.
For Additional Information:
Andrew P. Power
Chief Financial Officer
John J. Stewart / Maria S. Lukens
John Christiansen / Scott Lindlaw
Sard Verbinnen & Co
Safe Harbor Statement
This press release contains forward-looking statements which are based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially, including statements related to the appointment of our Chairman of the Board, our corporate governance and our expected Board committee composition. These risks and uncertainties include, among others, the following: the impact of current global economic, credit and market conditions; current local economic conditions in the metropolitan areas in which we operate; decreases in information technology spending, including as a result of economic slowdowns or recession; adverse economic or real estate developments in our industry or the industry sectors that we sell to (including risks relating to decreasing real estate valuations and impairment charges); our dependence upon significant tenants; bankruptcy or insolvency of a major tenant or a significant number of smaller tenants; defaults on or non-renewal of leases by tenants; our failure to obtain necessary debt and equity financing; risks associated with using debt to fund our business activities, including re-financing and interest rate risks, our failure to repay debt when due, adverse changes in our credit ratings or our breach of covenants or other terms contained in our loan facilities and agreements; financial market fluctuations; changes in foreign currency exchange rates; our inability to manage our growth effectively; difficulty acquiring or operating properties in foreign jurisdictions; our failure to successfully integrate and operate acquired or developed properties or businesses; the suitability of our properties and data center infrastructure, delays or disruptions in connectivity, failure of our physical and information security infrastructure or services or availability of power; risks related to joint venture investments, including as a result of our lack of control of such investments; delays or unexpected costs in development of properties; decreased rental rates, increased operating costs or increased vacancy rates; increased competition or available supply of data center space; our inability to successfully develop and lease new properties and development space; difficulties in identifying properties to acquire and completing acquisitions; our inability to acquire off-market properties; the impact of the United Kingdom's referendum on withdrawal from the European Union on global financial markets and our business; our inability to comply with the rules and regulations applicable to reporting companies; our failure to maintain our status as a REIT; possible adverse changes to tax laws; restrictions on our ability to engage in certain business activities; environmental uncertainties and risks related to natural disasters; losses in excess of our insurance coverage; changes in foreign laws and regulations, including those related to taxation and real estate ownership and operation; and changes in local, state and federal regulatory requirements, including changes in real estate and zoning laws and increases in real property tax rates. For a further list and description of such risks and uncertainties, see the reports and other filings by the company with the U.S. Securities and Exchange Commission, including the company's Annual Report on Form 10-K for the year ended December 31, 2016. The company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Digital Realty