Following the announcement in January that George "Skip" McKenzie, the current president and CEO of Washington Real Estate Investment Trust (NYSE:WRE), would retire once a suitable replacement was found, the REIT has named Paul McDermott his successor in both roles, the company announced this week. McKenzie had been CEO for six years.
McDermott will also be a member of Washington Real Estate Investment Trust's (WRIT) board of trustees. He spent the past three years as senior vice president and managing director with The Rockefeller Group, WRIT said in its statement.
Chairman of WRIT's board of trustees Charles Nason was quoted as saying that McDermott has "experience in all aspects of commercial real estate, in all asset classes WRIT owns and in capital markets, as well as strong institutional relationships and a background in risk management."
In addition to McDermott's $500,000 annual salary, he will receive 21,000 restricted shares of stock that will vest in equal installments over a three-year period, according to an SEC filing. Beginning Jan. 1, 2014, McDermott will also become eligible for the company's short and long-term incentive plans, "at the CEO level," as noted in the SEC filing, along with a $14,000 annual auto allowance.
McDermott has 29 years of experience in the real estate industry, including stints with Freddie Mac and PNC Realty Investors. McDermott takes over at WRIT on Oct. 1.