Wm. Polk Carey, chairman of the firm said the time was right to continue with transition plans. "With the approach of my 75th birthday, this was a natural time to further our transition plans." Carey adds that DuGan's "inherent leadership and management skills make him more than qualified to serve as CEO, while his work ethic and commitment to our investors and tenant companies alike bode well for WP Carey's continued success."

DuGan credited Carey as being his mentor. "Bill has taught me many things about corporate finance and real estate investing, but perhaps his most valued piece of advice has been to 'always put the investor first.' I remain committed to ensuring that it stays that way."

DuGan held the title of senior vice president in the acquisitions department in September 1995 prior to accepting a position as chief financial officer of a Colorado-based wireless communications equipment manufacturer. He rejoined the firm in February 1997, was promoted to president in 1999 and co-chief executive officer in 2002.