Data center real estate investment trust CyrusOne is going through yet another abrupt leadership transition.
Bruce Duncan, who took over just a year ago, has stepped down as CEO and company director, effective immediately. Company cofounder David Ferdman has taken over as interim CEO as CyrusOne starts yet another executive search.
In January 2020, CyrusOne announced that it would lay off 12 percent of its staff, among them European head Tesh Durvasula.
The next month, CyrusOne CEO Gary Wojtaszek suddenly stepped down - with Durvasula then appointed interim CEO.
The company then hunted for a permanent CEO, with Durvasula throwing his hat in the ring, with CyrusOne ultimately settling on Bruce Duncan in June.
With decades of real estate experience, but no data center background, Duncan took over a company still recovering from financial difficulties and rumors of pending takeover offers.
He now leaves in a quarter where revenues rose 11 percent year-over-year and net operating profit rose three percent. The company has a gross asset value of $9.2 billion, but still has $3.59bn in long-term debt.
CyrusOne did not provide a reason for "the Board of Directors separating with Bruce Duncan," but said in a statement that “these actions were not related to any matter regarding the business or the Company’s operations, financial condition, reported financial results, internal controls, or disclosure controls and procedures."
New CEO David Ferdman said: “CyrusOne is a world-class organization with a track record of delivering flexible, reliable, and scalable data center solutions for our customers in key digital gateway markets in the United States and Europe.
“I look forward to working with our team as we execute on our plan and create shareholder value, while working with the Board to evaluate potential successors.”