There's soon to be a new man at the top of the executive ladder at Washington REIT (NYSE:WRE). Paul McDermott has been named the company's next president and CEO, effective October 1. He will also serve on the firm's board of trustees. He replaces the retiring George McKenzie, who has been president and CEO since 2007.

Prior to coming on board Washington REIT, McDermott was senior vice president and managing director at a unit of real estate firm The Rockefeller Group, itself a subsidiary of Mitsubishi Estate. Before that, he was principal and chief transaction officer of PNC Financial Services' PNC Realty Investors.

According to an SEC filing submitted by Washington REIT, McDermott will be paid a base annual salary of $500,000. He will also receive an award of 21,000 restricted shares of the company, to be vested in equal installments of 7,000 apiece over a three-year period. He will also be eligible for bonuses.

Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool owns shares of PNC Financial Services. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.