8-KLeadership Changes

DIGITAL REALTY TRUST, INC. 8-K Report, Executive Changes (Mar 8, 2012)

Filed March 8, 2012For Securities:DLRDLR-PJDLR-PKDLR-PL

Summary

This Form 8-K filing from Digital Realty Trust, Inc. (DLR) on March 8, 2012, reports a significant leadership change. Richard A. Magnuson, the Chairman of the Board, has announced he will not seek re-election at the upcoming 2012 Annual Meeting of Stockholders. This decision is attributed to his other business interests and time commitments. The Board of Directors has expressed gratitude for his service and confidence in the company's management team. Effective April 23, 2012, the date of the Annual Meeting, Mr. Magnuson's tenure as Chairman and director will conclude. Dennis E. Singleton, a current director, will assume the role of Interim Chairman until a permanent successor is appointed. Additionally, the size of the Board of Directors will be reduced to six members following the Annual Meeting. These changes mark a transition in the company's governance structure.

Key Highlights

  • 1Chairman Richard A. Magnuson will not stand for re-election at the 2012 Annual Meeting of Stockholders.
  • 2Mr. Magnuson's departure is due to extensive other business interests and time commitments.
  • 3His term as Chairman and director will end on April 23, 2012.
  • 4Director Dennis E. Singleton will serve as Interim Chairman following the Annual Meeting.
  • 5A permanent Chairman will be appointed at a later date.
  • 6The size of the Board of Directors will be reduced to six members effective from the Annual Meeting.

Frequently Asked Questions

Richard A. Magnuson is stepping down as Chairman and will not stand for re-election due to his extensive other business interests and time commitments.

Dennis E. Singleton, a current director, will serve as Interim Chairman until a permanent Chairman is named. Mr. Magnuson's role officially ends at the 2012 Annual Meeting of Stockholders on April 23, 2012.

Effective with the 2012 Annual Meeting of Stockholders, the size of the Board of Directors will be reduced to six members.

The filing notes that Mr. Magnuson's decision was made easier by his strong belief in the Company and its management team. The Board expressed gratitude for his contributions. While any change in leadership can be a transition point, the company's statement suggests confidence in its ongoing operations and management.