Wednesday, October 18, 2017

Digital Realty builds corporate governance with new chairman of the board

Company talks of longer-term succession planning by revamping board of directors as business revenues grow.

Digital Realty has appointed Laurence A. Chapman as Chairman of the Board in a move the company says it delivers a better corporate government strategy.

The appointment keeps “with the company’s commitment to sound corporate governance practices and longer-term succession planning,” Digital Realty said in a statement.

The 66-year-old has served in the company has vice chairman since July 2016 and is also a director of the board since 2004.

Chapman will continue to serve as a member of the Audit Committee in addition to the role of chairman of the board.

“The governance principle behind these changes is balancing fresh thinking and new perspectives with experience and continuity,” the company says.

Chapman is a McGill University graduate and a Harvard Business School MBA holder. He is a fellow of the Institute of Canadian Bankers.

Chapman served as Senior Vice President and Chief Financial Officer of Goodrich Corp. from 1999 until his retirement in 2000. He has also served as Senior Vice President and Chief Financial Officer of Rohr, an aerospace company, from 1994 until 1999, when Rohr merged with Goodrich Corp.

He was employed at Westinghouse Electric Corporation from 1981 through 1994. From 1991 through 1994, Mr. Chapman was the Vice President and Treasurer of Westinghouse Electric Corporation and, from 1988 through 1991, Chapman served as Chief Financial Officer of Westinghouse Credit Corp. and Westinghouse Financial Services Inc.

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. He joined Digital Realty’s Board of Directors in 2004 and was appointed Chairman in 2012.

Singleton said: “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 centre 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.”

Chapman said: “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.”

William Stein, Chief Executive Officer, said: “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.”

Digital Realty has recently posted its Q1 revenues, topping $550.6m, more than what was previously expected.