DuGan takes over reins at W.P. Carey & Co.

Wm. Polk Carey, chairman of investment firm W. P. Carey & Co. LLC announced that its President, Gordon F. DuGan, 38, has been elected chief executive officer of the company.

"With the approach of my 75th birthday, this was a natural time to further our transition plans, providing the youthful, vigorous leadership of Gordon DuGan," said Mr. Carey.

"Gordon is an extraordinarily talented individual who has proven over the past seventeen years that he possesses the traits required of a successful Chief Executive Officer in today's corporate environment."

Carey added, "Gordon's selection reflects W. P. Carey's long-term strategy of placing exceptional younger executives in key roles managing and investing for our shareholders while retaining access to the wisdom and insight of a broadly experienced board."

Mr. DuGan was also elected chief executive officer of the W. P. Carey advised Corporate Property Associates series of income generating, publicly held, non-traded real estate investment trusts, while retaining his position of vice chairman of these entities.

As chief executive officer of the company and these REITs, he will oversee their operations and strategies.

He joined the firm in May 1988 as assistant to the chairman. He 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 later rejoined the firm in February 1997, was promoted to president in 1999 and co-chief executive officer in 2002.

Mr. DuGan is a graduate of the Wharton School of the University of Pennsylvania where he concentrated in finance and obtained a minor in political science from the College of Arts and Sciences.

He is active in a variety of educational and charitable organizations.