USAA Real Estate Company chief executive Pat Duncan to retire
Pat Duncan, chief executive of USAA Real Estate Co (RealCo), will retire from the day-to-day activities of the company effective 1 May 2013.
Duncan (pictured) will remain on several entity-related company boards, including the RealCo board as executive vice chairman and will also remain on the boards of various RealCo subsidiaries and affiliates.
Len O'Donnell will succeed Pat Duncan as chief executive of RealCo. For the past two years, O'Donnell has served as RealCo's president and chief operating officer, overseeing all operations of the company including acquisitions, global investing, capital markets and portfolio management.
"Pat's record, especially successfully leading RealCo during the recent economic downturn, is outstanding," says Joe Robles, USAA president and CEO. "Thanks to Pat's leadership, USAA Real Estate Company has grown to be a major industrial developer that is highly respected, and Len has proven himself well-qualified to build on that tradition."
Before he joined USAA, O'Donnell was a RealCo development partner as he served as principal and chief investment officer for Crimson Real Estate Fund, which specialised in value-added acquisitions and build-to-suit development. O'Donnell also served as president and CEO of Crimson Capital, a diversified real estate investment company offering investment management services, as well as development, property management and leasing.
- How to set up a hedge fund