Tom Ray to Retire Effective September 10,
2016
Paul Szurek, Lead Independent Director, to
Succeed Tom Ray as President and CEO
CoreSite Realty Corporation (NYSE:COR), a premier provider of
secure, reliable, high-performance data center and interconnection
solutions across the U.S., today 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. Mr. Szurek, who
has been CoreSite’s lead independent director since September 2010,
will assume the role on September 10, 2016, and Mr. Ray will step
down from his role as CoreSite's President, CEO and Board Director
and will continue to serve as a consultant to the Company to assist
with the transition through June 30, 2017.
"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. I am confident that he 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. 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.”
Mr. Stuckey continued, "On behalf of the Board and the Company,
I want to thank Tom for his many contributions to CoreSite. Tom has
been instrumental in crafting, implementing and overseeing the
execution of the vision of CoreSite since its inception and we are
grateful for his long-sighted leadership. He is leaving an
admirable legacy."
"It is an honor to be appointed President and Chief Executive
Officer of CoreSite," said Mr. 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. Ray said, “It has been a privilege to have served CoreSite
over the past 15 years. We have a strong team in place, and now is
the right time for new leadership to continue to build upon what we
have assembled. I am humbled by what the team has accomplished, and
honored to have worked alongside such talented and committed
professionals. I look forward to supporting a seamless transition
with Paul and am confident in leaving the Company in his hands and
under his capable leadership, along with the deep bench of talent
we have built over the years.”
Paul E. Szurek has served as a CoreSite director since September
2010. Mr. Szurek has been Chief Financial Officer of Biltmore
Farms, LLC, a residential and commercial real estate development
and operating company, since 2003. Prior to joining Biltmore Farms,
LLC, Mr. Szurek served as Chief Financial Officer of Security
Capital Group Incorporated, a publicly traded real estate
investment, development and operating company with extensive REIT
engagement. At Security Capital, Mr. Szurek held a variety of roles
and achieved a number of significant accomplishments. 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. 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. Mr. Szurek received a
J.D. with honors from Harvard Law School and a B.A. in Government,
magna cum laude, from the University of Texas at Austin.
About CoreSite
CoreSite Realty Corporation (NYSE:COR) delivers secure,
reliable, high-performance data center and interconnection
solutions to a growing customer ecosystem across eight key North
American markets. More than 900 of the world’s leading enterprises,
network operators, cloud providers, and supporting service
providers choose CoreSite to connect, protect and optimize their
performance-sensitive data, applications and computing workloads.
Our scalable, flexible solutions and 350+ dedicated employees
consistently deliver unmatched data center options — all of which
leads to a best-in-class customer experience and lasting
relationships. For more information, visit www.CoreSite.com.
Forward-Looking Statements
This earnings release and accompanying supplemental information
may contain forward-looking statements within the meaning of the
federal securities laws. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts. In some cases, you can
identify forward-looking statements by the use of forward-looking
terminology such as “believes,” “expects,” “may,” “will,” “should,”
“seeks,” “approximately,” “intends,” “plans,” “pro forma,”
“estimates” or “anticipates” or the negative of these words and
phrases or similar words or phrases that are predictions of or
indicate future events or trends and that do not relate solely to
historical matters. Forward-looking statements involve known and
unknown risks, uncertainties, assumptions and contingencies, many
of which are beyond CoreSite’s control that may cause actual
results to differ significantly from those expressed in any
forward-looking statement. These risks include, without limitation:
the geographic concentration of the company’s data centers in
certain markets and any adverse developments in local economic
conditions or the demand for data center space in these markets;
fluctuations in interest rates and increased operating costs;
difficulties in identifying properties to acquire and completing
acquisitions; significant industry competition; the company’s
failure to obtain necessary outside financing; the company’s
failure to qualify or maintain its status as a REIT; financial
market fluctuations; changes in real estate and zoning laws and
increases in real property tax rates; and other factors affecting
the real estate industry generally. All forward-looking statements
reflect the company’s good faith beliefs, assumptions and
expectations, but they are not guarantees of future performance.
Furthermore, the company disclaims any obligation to publicly
update or revise any forward-looking statement to reflect changes
in underlying assumptions or factors, of new information, data or
methods, future events or other changes. For a further discussion
of these and other factors that could cause the company’s future
results to differ materially from any forward-looking statements,
see the section entitled “Risk Factors” in the company’s most
recent annual report on Form 10-K, and other risks described in
documents subsequently filed by the company from time to time with
the Securities and Exchange Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20160728005308/en/
CoreSiteGreer Aviv, 303-405-1012VP of Investor Relations
and Media/Public RelationsGreer.Aviv@CoreSite.com
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