Summary
Digital Realty Trust, Inc. (DLR) filed an 8-K on April 16, 2015, to announce significant changes in its executive leadership. The company appointed Andrew P. Power as its new Chief Financial Officer (CFO) and Jarrett B. Appleby as its Chief Operating Officer (COO). Mr. Power's appointment is effective upon commencement of employment, no later than July 16, 2015, and he will replace A. William Stein, who will continue as CEO. Mr. Appleby's appointment as COO is effective April 20, 2015. These appointments bring in experienced professionals to key financial and operational roles. Mr. Power joins from Bank of America Merrill Lynch with a background in real estate investment banking, while Mr. Appleby brings experience from roles at Coresite and Equinix, including as CEO of a strategic consulting group. The filing details their employment agreements, including base salaries, bonus eligibility, relocation packages, and significant equity awards tied to both time and performance-based vesting. It also outlines severance provisions in case of termination or change of control, along with non-compete and confidentiality clauses.
Key Highlights
- 1Appointment of Andrew P. Power as Chief Financial Officer (CFO).
- 2Appointment of Jarrett B. Appleby as Chief Operating Officer (COO).
- 3A. William Stein will continue in his role as Chief Executive Officer (CEO).
- 4Mr. Power brings investment banking experience from Bank of America Merrill Lynch and Citigroup.
- 5Mr. Appleby has prior COO experience at Coresite and CMO experience at Equinix.
- 6Both new executives have initial base salaries of $425,000 and are eligible for substantial annual bonuses and equity awards.
- 7Employment agreements include significant relocation benefits, severance packages, and restrictive covenants (non-compete, non-solicitation).