WASHINGTON, Sept. 10, 2013 /PRNewswire/ -- DuPont Fabros Technology, Inc. (NYSE: DFT) announced today that its Board of Directors and Nominating and Corporate Governance Committee have decided, as part of its succession planning process, to expand and strengthen its senior management team. The company has initiated a search process to hire a President, who initially will focus on corporate strategy, acquisitions and other aspects of business development.
The company anticipates that, if the new President meets the expectations of the Board and the senior management team, he or she is expected to eventually succeed Hossein Fateh as the company's Chief Executive Officer. In connection with this succession, it is expected that Mr. Fateh would then become the company's Executive Chairman and Mr. du Pont then would become Vice-Chairman. Although the company has initiated the search process, the timetable for the succession process has not yet been determined.
"I have been thinking for some time and discussing with the Board about the need to expand and strengthen our senior management team and plan for succession," said Hossein Fateh, the company's President and Chief Executive Officer. Mr. Fateh said, "Given all that we have accomplished in the last six years, I believe that now is the right time to begin the process to identify a successor and integrate him or her into the company's management team. The company's Board fully supports the decision.""In the six years since our initial public offering, the company has accomplished as much or more than we had thought possible in terms of development and leasing," said Lammot J. du Pont, the company's Chairman of the Board. Mr. du Pont went onto say, "Our data center portfolio is now 94% leased, and our data centers, tenant base and operations team are the envy of the industry, in no small part due to Hossein's leadership."