W. P. Carey Announces Departure of President John Park

Rhea-AI Summary

W. P. Carey (NYSE: WPC), a prominent net lease REIT, announced that John Park will step down as President effective September 30, 2024. He will continue as a Senior Advisor through February 2025 and serve as a Trustee of Net Lease Office Properties (NYSE: NLOP) and the W. P. Carey Foundation. The President role will be absorbed by CEO Jason Fox. Park, who joined the company in 1987, played a key role in significant transactions, including mergers and the company's REIT conversion. CEO Jason Fox praised Park's 37-year contribution to W. P. Carey's growth from a private asset manager to a leading publicly traded REIT.

Positive

• John Park's contributions have been pivotal in major transactions and mergers over his 37-year tenure.
• The President role will be integrated into the CEO position, potentially streamlining leadership.

Negative

• The departure of a long-serving President like John Park might lead to uncertainties in leadership and strategic direction in the short term.

NEW YORK, July 10, 2024 /PRNewswire/ -- W. P. Carey Inc. (NYSE: WPC), a leading net lease REIT, today announced that John Park will step down as President of the company effective September 30, 2024. Mr. Park will serve as Senior Advisor to the company through February 2025 and will continue to serve as a Trustee of Net Lease Office Properties (NYSE: NLOP) and the W. P. Carey Foundation. The separate role of President will be eliminated, and the title will be assumed by Jason Fox, the company's Chief Executive Officer.

Mr. Park joined W. P. Carey in 1987, working alongside Founder Wm. Polk Carey in various roles of increasing responsibility. He led many of W. P. Carey's transformative transactions, including the consolidation and NYSE listing of CPA:1–9 as Carey Diversified LLC in 1998, its merger with W. P. Carey & Co. Inc. in 2000, W. P. Carey's merger with CPA:15 and REIT conversion in 2012, and the company's subsequent mergers with CPA:16, CPA:17 – Global and CPA:18 – Global.

Mr. Fox said, "John has been an integral member of the W. P. Carey team for nearly 37 years. His contributions to our success have been numerous and I have personally valued his insights, creativity, and importantly, his friendship over the years. On behalf of the entire company, I want to thank John for the critical role he played in shaping W. P. Carey."

"Having spent my entire career at W. P. Carey, I am proud to have helped steer its growth and evolution from a private asset manager to the leading publicly traded net lease REIT it is today," Mr. Park said. "It's been a privilege to work with such a talented and passionate team, and I know that I will be leaving W. P. Carey in a strong position with a bright future."

W. P. Carey Inc.

W. P. Carey ranks among the largest net lease REITs with a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,282 net lease properties covering approximately 168 million square feet and a portfolio of 89 self-storage operating properties as of March 31, 2024. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations.

www.wpcarey.com 

Institutional Investors:
Peter Sands
1 (212) 492-1110
institutionalir@wpcarey.com

Individual Investors:
W. P. Carey Inc.
1 (212) 492-8920
ir@wpcarey.com

Press Contact:
Anna McGrath
1 (212) 492-1166
amcgrath@wpcarey.com

 

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SOURCE W. P. Carey Inc.

FAQ

When will John Park step down as President of W. P. Carey (NYSE: WPC)?

John Park will step down as President on September 30, 2024.

Who will assume the President role at W. P. Carey after John Park's departure?

CEO Jason Fox will assume the President role after John Park steps down.

What role will John Park continue in after stepping down as President of W. P. Carey?

John Park will continue as Senior Advisor through February 2025 and as a Trustee of Net Lease Office Properties (NYSE: NLOP) and the W. P. Carey Foundation.

How long has John Park been with W. P. Carey (NYSE: WPC)?

John Park has been with W. P. Carey since 1987, totaling nearly 37 years.

What are some key transactions John Park led at W. P. Carey (NYSE: WPC)?

John Park led the consolidation and NYSE listing of CPA:1-9, the merger with W. P. Carey & Co., the REIT conversion, and subsequent mergers with CPA:15, CPA:16, CPA:17, and CPA:18.

What does W. P. Carey's (NYSE: WPC) portfolio include?

W. P. Carey's portfolio includes 1,282 net lease properties covering approximately 168 million square feet and 89 self-storage operating properties as of March 31, 2024.