– USA, CO – 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 current 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.
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