Power change at Digital Realty as Stein exits
Digital Realty has promoted Andy Power, its president and CFO, to be CEO, effective immediately.
He replaces Bill Stein, who has left the role abruptly, though he will remain with the company through year end – just a few days away.
Chairman of the board Mary Hogan Preusse said, without explaining why Stein had gone: “I want to thank Bill for his exemplary leadership and congratulate him on the tremendous success that he has achieved for Digital Realty and its stakeholders. We wish him all the best in the next phase.”
Stein has also resigned from the board of directors.
Power, a former banker with Bank of America Merrill Lynch and CFO of Digital Realty since 2015, has been president of the company since November 2021.
He was also a member of the lead underwriting team that advised Digital Realty on its initial public offering in 2004.
Power will remain president of Digital Realty and will continue to serve as CFO. The company plans to announce a permanent successor in early 2023.
Hogan Preusse said: “Andy has spent the last two decades developing a unique skillset and unparalleled professional relationships that will enable him to excel in his new role as CEO.”
She said he “has a clear vision for the company’s future and a strong track record of execution. The board looks forward to working with him to build on our momentum as well as to help guide Digital Realty to support the ongoing digital transformation of our growing customer base and continue executing across our global platform of highly connected data centres.”
Power said: “As CEO, I look forward to meeting the needs of our growing customer base and supporting our dedicated employees as we deliver on our strategic priorities, strengthen our value proposition and improve the core growth of our portfolio.”