DuPont Fabros Technology, Inc. To Expand And Strengthen Management Team As
Part Of Succession Plan
WASHINGTON, Sept. 10, 2013
WASHINGTON, Sept. 10, 2013 /PRNewswire/ --DuPont Fabros Technology, Inc.
(NYSE: DFT) announced today that its Board of Directors and Nominating and
Corporate Governance Committee have decided, as part of its succession
planning process, to expand and strengthen its senior management team. The
company has initiated a search process to hire a President, who initially will
focus on corporate strategy, acquisitions and other aspects of business
(Logo: http://photos.prnewswire.com/prnh/20120104/MM29780LOGO )
The company anticipates that, if the new President meets the expectations of
the Board and the senior management team, he or she is expected to eventually
succeed Hossein Fateh as the company's Chief Executive Officer. In connection
with this succession, it is expected that Mr. Fateh would then become the
company's Executive Chairman and Mr. du Pont then would become Vice-Chairman.
Although the company has initiated the search process, the timetable for the
succession process has not yet been determined.
"I have been thinking for some time and discussing with the Board about the
need to expand and strengthen our senior management team and plan for
succession," said Hossein Fateh, the company's President and Chief Executive
Officer. Mr. Fateh said, "Given all that we have accomplished in the last six
years, I believe that now is the right time to begin the process to identify a
successor and integrate him or her into the company's management team. The
company's Board fully supports the decision."
"In the six years since our initial public offering, the company has
accomplished as much or more than we had thought possible in terms of
development and leasing," said Lammot J. du Pont, the company's Chairman of
the Board. Mr. du Pont went onto say, "Our data center portfolio is now 94%
leased, and our data centers, tenant base and operations team are the envy of
the industry, in no small part due to Hossein's leadership."
The Nominating and Corporate Governance Committee will lead the search
process, with the support of the entire Board and the senior management
About DuPont Fabros Technology, Inc.
DuPont Fabros Technology, Inc. (NYSE: DFT) is a leading owner, developer,
operator and manager of enterprise-class, carrier-neutral, large
multi-tenanted wholesale data centers. The Company's facilities are designed
to offer highly specialized, efficient and safe computing environments in a
low-cost operating model. The Company's customers outsource their mission
critical applications and include national and international enterprises
across numerous industries, such as technology, Internet content providers,
media, communications, cloud-based, healthcare and financial services. The
Company's ten data centers are located in four major U.S. markets, which total
2.5 million gross square feet and 218 megawatts of available critical load to
power the servers and computing equipment of its customers. DuPont Fabros
Technology, Inc., a real estate investment trust (REIT) is headquartered in
Washington, DC. For more information, please visit www.dft.com.
SOURCE DuPont Fabros Technology, Inc.
Contact: Mark L. Wetzel, Executive Vice President, Chief Financial Officer and
Treasurer, +1 (202) 728-0033; or Christopher Warnke, Manager, Investor
Relations, +1 (202) 478-2330
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