INVESTOR RELATIONS
NYSE: IRM 32.83 -0.04 (-0.12%) Volume: 2,448,372 November 14, 2018
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Iron Mountain
Incorporated
1 Federal Street Boston, MA 02110

Melissa Marsden, SVP
Investor Relations
Phone
617-535-8595
Email

Anjaneya Singh, Director
Investor Relations
Phone
617-535-8577
Email

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Financial Tear Sheet

Iron Mountain Incorporated (NYSE:IRM) is the global leader for storage and information management solutions. Through our network of more than 65 million square feet of space in 1,000 facilities across 36 countries, we help our diversified customer base reduce costs and mitigate risks associated with protection and storage of their information assets. Our financial model is based on the recurring nature of our revenues. The predictability of this non-cyclical revenue stream and the resulting strong free cash flow allow us to support high-return investments and attractive stockholder returns.

Stock Quote

ExchangeNYSE (US Dollar)

Price 32.83

Change (%) -0.04(-0.12%)

Volume 2,448,372

Intraday High 33.13

52 Week High 41.53

Intraday Low 32.66

52 Week Low 30.22

Today's Open 33.00

Previous Close 32.87

Nov 14, 2018 04:04 PM Pricing delayed 20 minutes

Stock Chart

SEC Filings

Date Filing Description Download
11/05/18 4 Statement of Changes in Beneficial Ownership
11/05/18 3 Initial Statement of Beneficial Ownership
10/31/18 4 Statement of Changes in Beneficial Ownership
10/25/18 10-Q Quarterly Report

Events

10/25/18 Q3 2018 Iron Mountain Incorporated Earnings Conference Call

The earnings press release, conference call slides, and supplemental financial information will be available at: http://investors.ironmountain.com, under “Events and Presentations,” at approximately 6:00 A.M. ET that day. The webcast link can be accessed under “Events and Presentations” and you may register directly for the webcast at the following link:  Webcast Registration.

Investors who would like to join the conference call are encouraged to pre-register using the following link: http://dpregister.com/10123998. Callers who pre-register will be given a unique PIN to gain immediate access to the call and bypass the live operator. Participants may pre-register at any time, including up to and after the call start time.

Call and replay information are as follows:
Call Date:  Thursday October 25, 2018
Call Time: 8:30 A.M. (Eastern Time)
Domestic Call Dial In:  844.890.1796
International Call Dial In:  412.717.9590

Telephonic replay available one hour after the conclusion of the call for one week
Replay Domestic Dial In:  877.344.7529
Replay International Dial In:  412.317.0088
Access Code: 10123998

Listen to webcast

Management Team

William Meaney , , , President & CEO

William Meaney is president and CEO of Iron Mountain and serves as a director on the company's board. He previously served as CEO of The Zuellig Group, a $12 billion primarily business-to-business conglomerate based in Hong Kong that saw sales triple during his tenure from August 2004-March 2012.
Prior to leading The Zuellig Group, Meaney spent a number of years in the airline industry, serving as the chief commercial officer and managing director of publicly-traded Swiss International Airlines from December 2002 to January 2004 and executive vice president of South African Airways from 1998 to 2001.
Earlier in his career, Meaney served as: the acting CEO of South African Vaccine Producers; the founder and managing director of Genhro Management Consultancy; and a principal of Strategic Planning Associates, now part of Oliver Wyman. Meaney's first career was as a CIA operations officer.
He is a member of the Asia Business Council, and he holds a bachelor's in mechanical engineering from Rensselaer Polytechnic Institute and a master's in industrial administration from Carnegie Mellon University.
He also serves on the Board of Directors of State Street Corporation; and is a member of the Massachusetts General Hospital President's Council and the FM Global Advisory Board.

Peter Allen , , , SVP and General Manager, Data Management

Peter Allen leads Iron Mountain’s global Data Management business, responsible for the continued development and operational deployment of the portfolio of services that supports customers’ evolving technology-driven information management needs, including solutions for cloud services, offsite tape vaulting, data migration and restoration and secure IT asset destruction. Iron Mountain Data Management serves more than 30,000 customers across 45 countries via 205 secure vaults. Prior to joining Iron Mountain, Peter held numerous executive leadership positions over his 20+ years of experience in building and growing highly successful consulting and technology-based services operations around the globe, most recently President, Global Commercial for Digital Management Inc. where he implemented an aligned operating model for five acquired companies and deployed a long term growth strategy. He has also worked for Alvarez and Marsal as a Managing Director, National Practice Leader – Enterprise Services where he designed and launched as-a-service offerings for transforming the ways that companies operate in digital markets. Before that, he held several executive vice president roles at CSC, including as head of Global Sales and Marketing and as head of the CSC $7B/year Managed Services organization. Additionally, Peter has had c-suite roles at ISG and Data Dimensions and has served on the Board of Directors for public and private companies. He is a graduate of the University of Maryland’s Computer Science program, is a recent electee to the Board of Directors of the Terrapin Club, the University of Maryland’s scholarship fundraising arm. He also serves as Chairman of the Board of Directors for Liberty Source PBC, a Virginia-based business process outsourcing provider committed to employing military veterans and their spouses.

Edward Bicks , , , Senior Vice President, Enterprise Strategy

Mr Bicks was appointed senior vice president of enterprise strategy of Iron Mountain in September 2013. In addition, Mr Bicks manages Iron Mountain’s Emerging Business group.
Prior to joining Iron Mountain, Mr Bicks served as senior vice president of corporate strategy and change management at Forrester Research from September 2012 to September 2013. From May 2005 to August 2012, Mr Bicks served as vice president of marketing strategy and finance at Forrester Research. Mr Bicks holds a Bachelor of Arts from Williams College and a Master of Business Administration from the MIT Sloan School of Management.

Stuart Brown , , , Executive Vice President and Chief Financial Officer

As Iron Mountain’s executive vice president and chief financial officer, Stuart Brown has overall responsibility for the company’s financial management and financial operations. He has served as Iron Mountain’s CFO since June 25, 2016. Prior to joining Iron Mountain, Brown was CFO at Red Robin Gourmet Burgers Inc. from 2011 – 2016. From 2006 to 2011, Brown was CFO for DCT Industrial Trust Inc., a real estate investment trust (REIT) with $2.6 billion of industrial assets located in the United States and Mexico. Additionally, Brown served as chief accounting officer for Federal Realty Investment Trust from 2003 to 2006. Prior to that time, he held a variety of positions with Royal Ahold, including roles in corporate controlling and investor relations in The Netherlands, as well as corporate accounting and controller roles for Ahold’s U.S. companies, Stop & Shop and Giant Food, Inc. Earlier in his career, he spent five years in public accounting with Deloitte. He has more than 20 years of leadership in corporate finance has extensive experience in public company finance including capital markets, treasury, financial planning and analysis, financial reporting and investor relations, as well as working closely with operations teams to strengthen performance. He holds a master of accountancy and a bachelor of business administration degree both from the University of Georgia and is a certified public accountant.

Ernest W. Cloutier , , , Executive Vice President and General Manager, International

Mr. Cloutier assumed the role of executive vice president and general manager, international of the Company in April 2017. From June 2014 to December 2016, Mr. Cloutier served as executive vice president, U.S. federal, security and legal, of the Company. In addition, Mr. Cloutier served as the Company’s general counsel and secretary until December 2016, positions which he held since joining the Company in December 2007 as a senior vice president. In June 2011 Mr. Cloutier was appointed an executive vice president of the Company, and Mr. Cloutier assumed responsibility for the Company’s global security and risk organizations in March 2014. Prior to joining the Company, Mr. Cloutier served as senior vice president, general counsel and secretary for Digitas Inc. from May 2004 to November 2007. Mr. Cloutier holds a Bachelor of Arts degree in political science from Bates College and a Juris Doctor from The American University Washington College of Law.

Deirdre Evens , , , Executive Vice President & General Manager, Records and Information Management, North America

Deirdre Evens leads Iron Mountain’s Records and Information Management business for North America and is responsible for long-term strategy, resource deployment, and service delivery supporting customers’ needs for document and information storage, secure destruction, offsite tape vaulting, imaging and business process workflow. Deirdre joined Iron Mountain in 2015 as Chief People Officer. She also served as the company’s Chief of Operations, responsible for the company’s global human resources, risk management, marketing, and continuous improvement functions. Deirdre came to Iron Mountain from environmental, energy, and industrial services company Clean Harbors, where she served as the Executive Vice President of Human Resources, and as the company's Executive Vice President of Sales and Marketing. Prior to Clean Harbors, she was Senior Vice President of Member Insight for BJ's Wholesale Club, a $3+ Billion U.S. based retailer. She also spent 19 years at Polaroid Corporation, with senior roles in manufacturing, operations, sales, marketing, corporate strategy, and general management, including P&L leadership for Polaroid’s global imaging division. Deirdre serves on the Board of Directors for Regency Centers, a national owner, operator and developer of commercial shopping centers. She holds a Bachelor of Science in Mechanical Engineering from Cornell University, and is a graduate of Harvard Business School’s Advanced Management Program.

Raymond C. Fox , , , Executive Vice President and Chief Risk Officer, Iron Mountain
Retired Major General –USMC

Major General Raymond C. Fox, USMC (Ret) is responsible for the management, governance, and assessment of accountability for risk across Iron Mountain. He also has oversight of the Board Risk & Safety Committee, which oversees our Enterprise Risk Management framework. Prior to this position, Fox led Iron Mountain’s strategic business development for emerging business and the government services organization, responsible for identifying and driving growth and value creation initiatives. He joined Iron Mountain after a distinguished career of more than 30 years in the United States Marine Corps, where he completed his military service as the Commanding General, II Marine Expeditionary Force and Commander Marine Forces Africa.

During his service career, Fox has held both staff and leadership roles, including combat operations during Operation Desert Storm, Operation Iraqi Freedom and Operation Enduring Freedom. In his last command, he was responsible for the welfare, training and logistics support for more than 58,000 Marines and Sailors, deployed around the world.

Fox has logged over 5,000 hours in Marine and Navy aircraft since receiving his commission through the Platoon Leaders Class and receiving his Naval Aviator designation. He is a graduate of the Australian Army Command and Staff College and the U.S. Army War College, and earned a Master’s degree in Strategic Studies from the U.S. Army War College, a Master’s in Public Administration from Shippensburg University (Pennsylvania) and a Bachelor of Arts in political science from Eastern Washington University.

Emma Jeffries , , , Executive Vice President and Chief People Officer

Emma Jeffries oversees global human resources for Iron Mountain, leading operations and strategy to support the company's growth through recruitment, talent development, and compensation and benefits. Since joining Iron Mountain in 2008, she has held several leadership roles focused on organizational and talent development, most recently as senior vice president and human resources business partner for Iron Mountain’s Developed Markets organization, supporting more than 10000 employees across the US, Canada and Western Europe. Jeffries came to Iron Mountain from Vodafone, where she held director-level roles focused on change management, organization, talent and leadership development. Prior to Vodafone, she served in learning and development roles with Hutchinson Telecom (Australia) and Nortel Networks (UK). Emma holds an MBA from The Open University (UK) and resides in the Boston area with her family.

Patrick Keddy , , , Executive Vice President and General Manager, North America and Western Europe

Patrick has responsibility over our Developed Markets business unit that includes both North America and Western Europe. Before assuming this role, Patrick served as our Senior Vice President, Western Europe, since November 2011. In this role, he was responsible for driving sustainable revenue growth and the profitability of our mature European markets. He has a strong track record of leading international and European businesses, and improving their performance through stronger integration, strategic investments and optimization. Prior to joining us, Patrick worked at British Gas for 13 years and then moved to Pitney Bowes Inc. for 22 years, where he held positions including VP Finance Services Europe, VP for Europe and President of PB International. In this latter role, he ran an autonomous $1.2 billion revenue business unit with 8,000 employees across 28 countries from Norway to New Zealand. Patrick holds a BSc in Administrative Science from the University of Aston in Birmingham and is a Member of the Chartered Institute of Marketing.

Mark Kidd , , , SVP and General Manager, Data Centers

Mark Kidd assumed the role of the Senior Vice President and General Manager of Data Centers in the spring of 2013. Prior to that, Mark was the SVP, Enterprise Strategy supporting the executive team in shaping the overall company strategy and also had responsibility for a variety of internal consulting projects to help support business unit planning. Previously in conjunction with this role, Mark managed the Office of the CEO. Over the last ten years, Mark has held four other positions within Iron Mountain in the areas of Strategic Planning, Portfolio Management, Capital Investments and Financial Analysis. Prior to joining Iron Mountain in 2003, Mark worked in the New York office of Thomas Weisel Partners, a boutique investment banking firm. Mark graduated with his A.B. in economics from Harvard University.

Ted MacLean , , , Executive Vice President and General Manager, Adjacent Businesses

Chief Marketing Officer Ted MacLean leads Iron Mountain’s global commercial organization, which centralizes marketing, product management, customer insights, sales operations, sales enablement and revenue management. MacLean joined Iron Mountain from Microsoft, where he held multiple customer and partner-facing general manager roles with P&L responsibilities for large business units and geographies. Most recently, he served as General Manager for Microsoft’s new business efforts in emerging markets, driving significant revenue and customer engagement results. In prior roles, he developed and led organizations focused on global patent licensing programs, channel development and enterprise sales and marketing. MacLean was recruited to Microsoft from his role as the CEO of an insurance underwriting software company that was a Microsoft partner organization. He previously held roles at management consultancies AT Kearney and KPMG, and spent his early career in Japan. He holds a Master of Business Administration from the Anderson School at the University of California, Los Angeles, as well as a Bachelor of Arts from Carleton College. MacLean serves as an executive committee member of the Greater Boston Chamber of Commerce and as vice-chairman of the board of overseers of the Museum of Science, Boston.

Deborah Marson , , , Executive Vice President, General Counsel and Secretary

Deborah Marson is the Executive Vice President, General Counsel and Secretary of Iron Mountain. In her role she is responsible for the global delivery of legal services, including commercial contracts, mergers & acquisitions, litigation, intellectual property, real estate, securities, privacy & compliance and corporate governance. Deborah joined Iron Mountain in November 2009 as a Vice President of Commercial Contracts for North America.

Prior to her time with Iron Mountain, Marson spent 27 years with The Gillette Company, where she most recently served as Deputy General Counsel. In this role she advised the Gillette worldwide consumer businesses. Her time at Gillette provided her expertise in advertising, environmental and antitrust law. Over the course of her tenure she served as counsel to each of the five Gillette businesses and concluded her time there as the head lawyer for all of the businesses. She also opened the legal offices in Asia and Latin America, which she ran for 5 years.

Deborah’s experience working for multi-national organizations like Iron Mountain and Gillette give her a global point of view and expertise in creating and expanding worldwide practices. Her work, which spans North America, Asia Pacific, Latin America, and Europe often focuses on complex, multi-country strategic initiatives. As a trained lawyer with more than 30 years of corporate experience, Marson is able to understand the complex business implications of law and policy.

Deborah serves as the Clerk of the Iron Mountain Charitable Foundation and the Richard Reese Employee Relief Fund, and serves on the Board-appointed Audit Committee. She is an Overseer at Beth Israel Deaconess Medical Center and is a member of the Suffolk University Law School Dean’s Advisory Board.

Deborah holds a Bachelor’s degree from Colby College and a Juris Doctor from Suffolk University Law School.

Fidelma Russo , , , Executive Vice President and Chief Technology Officer

Ms. Russo was appointed executive vice president and chief technology officer of the Company in March 2017. Prior to joining the Company, Ms. Russo served as senior vice president and general manager at Dell EMC from January 2011 to March 2017. Ms. Russo holds a Batchelor in Engineering from University College Cork, Ireland, and a Master of Science in Computer Science from Boston University.

John “JT” Tomovcsik , , , Executive Vice President & Chief of Operations

John “JT” Tomovcsik has been with Iron Mountain since 1986. He is currently an Executive Vice President and the company’s Chief of Operations, as well as the Executive Sponsor of Iron Mountain’s LGBTA Employee Resource Group. In his role, he is responsible for Iron Mountain’s global human resources, risk and safety, continuous improvement, and marketing functions. In this capacity, he leads the strategy, plans and resources necessary to ensure Iron Mountain’s culture, talent, organization and capabilities align with the company’s core values, focused on our customers, and accelerate delivery of our business objectives. Since joining the company, Tomovcsik has held a variety of executive and business leadership roles, most recently as the general manager of Iron Mountain’s North American Records and Information Management Business. He also served as the North American Chief Operating Officer, and was the executive vice president for three Iron Mountain business units. He joined the company in 1999 through the acquisition of Data Base, Inc., a data management company, where he spent thirteen years serving as the Operating/Sales Executive.

Board of Directors

Alfred J. Verrecchia , , , Chairman of the Board, effective March 15, 2013
Retired Executive
Hasbro Inc.

Alfred J. Verrecchia became our independent chairman in March 2013. Mr. Verrecchia joined our board of directors in March 2010 and served as our lead independent director form June 2012 to March 2013. Mr. Verrecchia is also chairman of the board at Hasbro, Inc. (“Hasbro”), a publicly held, branded play and entertainment company, where he spent his career and held several senior leadership positions, including chief executive officer from 2003 through 2008. He was elected Hasbro’s chairman in 2008. Mr. Verrecchia has extensive experience with board service, having been on the board of directors of Old Stone Corp. from 1987-2012, FGX International Holdings from February 2009-March 2010, and CVS Caremark from September 2004-March 2007.

Jennifer Allerton , , , Retired Executive
F. Hoffmann La Roche Ltd

Ms. Allerton has been a director since September 2014. Ms. Allerton has more than thirty-eight years of Information Technology experience, most recently as a member of the Pharma Executive Committee at Roche in Switzerland with responsibility for IT strategy and operations for the Pharma division and all Group IT operations. Prior to Roche, she served as Technology Director at Barclaycard in the UK with responsibility for Fraud Operations and IT. She has also worked for Unilever, Cable & Wireless and Linde and has lived in Brazil, Italy, the US and Canada. Currently, Ms. Allerton serves as an independent director on the boards of Oxford Instruments, a provider of high technology tools and systems and Aveva, an engineering design and information management solutions firm for the plant, power and marine industries. Ms Allerton holds Bachelor’s degrees in Maths, Physical Sciences and Geosciences and a Master’s degree in Physics.

Ted R. Antenucci , , , President and Chief Executive Officer
Catellus Development Corporation
Oakland, CA

Mr. Antenucci has been a director since June 2011. Mr. Antenucci has served as president and chief executive officer of Catellus Development Corporation, a private real estate firm, since March 2011. From 2007 until June 2011, he served as president and chief investment officer of ProLogis. Prior to these roles, Mr. Antenucci served from 2005 to 2007 as president of global development for ProLogis, an industrial real estate investment trust. From 2001 to 2005, he was president of Catellus Commercial Development, a subsidiary of Catellus Development, until Catellus Development and ProLogis merged in 2005. Mr. Antenucci is a member of the board of directors for Hudson Pacific Properties (NYSE: HPP), a public real estate investment trust. He is also on the board of trustees of the Children's Hospital Foundation. He holds a bachelor's degree in business economics from the University of California Santa Barbara.

Pamela M. Arway , , , Retired, Executive
American Express Company, Inc.

Ms. Arway has been a director since May 2014. Ms. Arway served in a number of capacities during her 21-year career with the American Express Company, Inc., a global payments, network and travel public company, and its subsidiaries, until her retirement in 2008. Ms. Arway served as president, Japan/Asia Pacific/Australia Region, American Express International, Inc., Singapore from October 2005 to January 2008. From December 2004 to October 2005, Ms. Arway served as chief executive officer, American Express Australia Ltd., Sydney, Australia. From July 2000 to December 2004, Ms. Arway served as executive vice president and general manager, Corporate Travel North America, American Express Company, Inc. Ms. Arway has been a director of The Hershey Company, a public company, since May 2010 and has been a director of DaVita Healthcare Partners, Inc., a public company, since May 2009. Ms. Arway holds a Bachelor's degree in languages from Memorial University of Newfoundland and a Master of Business Administration degree from Queen's University, Kingston, Ontario, Canada.

Clarke H. Bailey , , , Director, Chairman and Chief Executive Officer
EDCI Holdings, Inc.
New York, NY

Mr. Bailey has been one of our directors since January 1998. Since 1990, Mr. Bailey has served as a director of EDCI Holdings, Inc., a publicly held company that until November 2011 was engaged in the manufacture and distribution of CDs and DVDs, and has served as its Chairman since June 1999 and its Chief Executive Officer since July 2009. Mr. Bailey also previously served as Chief Executive Officer of EDCI Holdings, Inc. from November 2003 to November 2006. Mr. Bailey is also a director of SMTC Corp. He holds a Master of Business Administration degree from The Wharton School, University of Pennsylvania.

Kent P. Dauten , , , Managing Director
Keystone Capital,
Inc. Deerfield, IL

Mr. Dauten has been one of our directors since November 1997. He also serves as Managing Director of Keystone Capital, Inc., a private management and investment advisory services firm, a position he has held since founding the firm in February 1994. Mr. Dauten currently serves as a director of Health Management Associates, Inc., a hospital management firm. He holds a Master of Business Administration degree from Harvard Business School.

Paul F. Deninger , , , Chairman
IDL Development, LLC

Mr. Deninger joined our Board in September 2010. Mr. Deninger has been a senior managing director at Evercore Partners, Inc., an investment banking advisory firm, since February 2011. From December 2003 until October 2010, Mr. Deninger served as a vice chairman of Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc., a global securities and investment banking firm he joined in 2003. He currently sits on the executive committee of TechNet and co-chairs TechNet New England, a bipartisan network of CEOs and other senior executives campaigning for economic growth in technology and innovation. Mr. Deninger holds a bachelor’s degree from Boston College and an MBA from Harvard Business School.

Per-Kristian Halvorsen , , , Senior Fellow and SVP
Intuit Inc.
Mountain View, CA

Mr. Halvorsen joined our Board in September 2009. Mr. Halvorsen is a senior vice president and serves as the chief innovation officer of Intuit Inc. (“Intuit”), a position he has held since December 2008. Previously, he was Intuit’s chief technology innovation officer and chief technology officer. Prior to Intuit, Mr. Halvorsen was vice president and center director of solutions and services for Hewlett Packard where, from 2000 to 2005, he oversaw global research and advanced technology for its IT services division. Mr. Halvorsen was principal scientist at Xerox Palo Alto Research Center, where he worked for 17 years and founded the Information Sciences and Technologies Lab. He is a director of Autodesk Inc. Mr. Halvorsen holds a Ph.D. and M.A. from the University of Texas at Austin.

William Meaney , , , President & CEO
Iron Mountain Incorporated
Boston, MA

William Meaney is president and CEO of Iron Mountain and serves as a director on the company's board. He previously served as CEO of The Zuellig Group, a $12 billion primarily business-to-business conglomerate based in Hong Kong that saw sales triple during his tenure from August 2004-March 2012.
Prior to leading The Zuellig Group, Meaney spent a number of years in the airline industry, serving as the chief commercial officer and managing director of publicly-traded Swiss International Airlines from December 2002 to January 2004 and executive vice president of South African Airways from 1998 to 2001.
Earlier in his career, Meaney served as: the acting CEO of South African Vaccine Producers; the founder and managing director of Genhro Management Consultancy; and a principal of Strategic Planning Associates, now part of Oliver Wyman. Meaney's first career was as a CIA operations officer.
He is a member of the Asia Business Council, and he holds a bachelor's in mechanical engineering from Rensselaer Polytechnic Institute and a master's in industrial administration from Carnegie Mellon University.
He also serves on the Board of Directors of State Street Corporation; and is a member of the Massachusetts General Hospital President's Council and the FM Global Advisory Board.

Wendy J. Murdock , , , Retired Executive
MasterCard Worldwide

Ms. Murdock became one of our directors in connection with the consummation of our acquisition of Recall, which was completed on May 2, 2016. Since December 2013, Ms. Murdock has served as a non-executive director of Recall. In addition, since 2013, Ms. Murdock has served on the Board and Risk Management Committee of USAA Federal Savings Bank and, since March 2016, Ms. Murdock has served on the Board and the Investment and Risk Committee of La Caisse de dépôt et placement du Québec. From 2005 to 2013, Ms. Murdock held a variety of positions with MasterCard Worldwide, including serving as a member of the MasterCard Worldwide Operating Committee, chief payment system integrity officer and chief product officer. Ms. Murdock holds a Bachelor of Arts degree from McGill University and a Master of Business Administration from the University of Western Ontario. Ms. Murdock’s qualifications for nomination include her deep industry knowledge and experience gained as a non-executive director of Recall, her significant leadership experience as a global executive, her expertise in the areas of international business and finance and her experience as a board member of several large publicly held companies.

Walter C. Rakowich , , , Retired Former CEO
Prologis
San Francisco, CA

Walter Rakowich joined our board in August 2013. Mr. Rakowich is a former CEO of Prologis, the leading owner, operator and developer of industrial real estate, where he worked 18 years before retiring in December 2012. Mr. Rakowich served as CEO of Prologis from November 2008 through June 2011, when Prologis merged with AMB Property Corporation. He then assumed the role of Co-CEO and served as a member of the Prologis board of directors up until December 2012 to manage the integration of the two companies. Before becoming CEO, Mr. Rakowich held a number of senior management positions while at Prologis, including managing director and chief financial officer from December 1998 – January 2005 and president and chief operating officer from January 2005 – November 2008. Mr. Rakowich is a member of the board of directors for Host Hotels & Resorts. He also was formerly on the executive committee and board of governors for the National Association of Real Estate Investment Trusts, the primary industry group for REITs in the United States. Mr. Rackowich earned an MBA from Harvard Business School and his bachelor’s of science degree, with distinction, in accounting from Pennsylvania State University.