W.P. Carey & Co. Chairman and Founder Passes Away - May Result in Better Balance of Power

W.P. Carey & Co. LLC (NYSE: WPC) announced today that Benjamin Griswold, Lead Director since Jul-10, was appointed Chairman of the board following the passing of Founder and Chairman Polk Carey on January 2^nd. Carey founded the company in 1973 and had served as Chairman since 1995.

His passing may allow WPC to establish a more proportionate balance of power throughout the organization. In addition to his role as Chairman, Carey owned approximately 29% of the company’s outstanding shares as of a Schedule 13D filed 10-Jun-11. As a result, he had the ability to exercise significant influence when it came to company decisions. In fact, former CEO Gordon DuGan resigned in Jul-10 due to disagreements with Chairman Carey on the strategic direction of the company as well as the degree of authority and control held by the Chairman. Trustees of the W. P. Carey Foundation announced that the foundation will be the primary beneficiary of the shares of common stock held by Carey.

Here are the press releases on Griswold's appointment. and Carey's passing.