Bruce Duncan, a 40-year real estate executive, is the new president and chief executive officer of Dallas-based data center developer and operator CyrusOne Inc.
The company’s board of directors made the announcement on Monday. Duncan takes over from Tesh Durvasula, who led the company on an interim basis after CEO Gary Wojtaszek left in February in what was described as a mutual decision. Wojtaszek had been chief executive for nearly nine years.
CyrusOne board chairman Alex Shumate praised Duncan’s track record as a real estate investment trust executive and public company director. Duncan’s background includes stints at Cadillac Fairview Corp., Equity Residential, Starwood Hotels & Resorts Worldwide Inc. and First Industrial Realty Trust Inc.
“We are confident that Bruce is the right person to lead the company in our strategic execution, continued growth and international expansion,” Shumate said in a statement.
In a note to investors, Stifel analysts Erik Rasmussen and James F. Holmes also credited Duncan with having a “proven track record of leading publicly traded REITs and who has delivered strong results for shareholders.
“We believe his appointment aligns with the company’s strategic objectives of further developing and building out their European platform while also utilizing the significant capacity in the U.S. to address meaningful demand and support growth,” the Stifel analysts said.
CyrusOne has experienced dramatic revenue growth since 2015, when it brought in $399.3 million. Last year, the company’s revenue topped $981 million. But it ended the year with a $52 million loss and a ransomware attack, and Wojtaszek departed soon after that.
Founded in 2001, CyrusOne owns and operates 49 data centers in the U.S., United Kingdom, Germany and Singapore. It serves 1,000 business customers, including 204 on the Fortune 1000 list.