Indianapolis-based Duke Realty Corp. (NYSE: DRE) has announced Chief Executive Officer Denny Oklak will step down from the position. Current Chief Operating Officer Jim Connor will take over as president and CEO at the start of next year. Oklak will stay on as executive chairman of the company’s board of directors.
Connor has also been voted onto the board.
Corporate Governance Committee Committee Chair and Lead Independent Director Bill Cavanaugh said "today’s announcements are the result of a thorough succession planning process. The Board is pleased with its results, assuring a smooth leadership transition. I have enjoyed working with Denny and, through his guidance, Duke Realty has successfully transformed into one of the leading industrial REITs."
Oklak says Duke Realty is "perfectly positioned for continued success and growth" with Connor at the helm. "I am confident that the depth of knowledge of our business that we have, both at the board level and among our executive management team, will continue to drive strong results for our shareholders. I would also like to thank our superior Board of Directors for their counsel to me during my years as CEO and for their support throughout our succession planning process."
Oklak’s last day as CEO will be December 31. He has served in various roles with the company and its predecessors since the mid-1980s and became CEO in 2004 and board chair in 2005.
Prior to joining the Duke Realty in 1998, Connor spent 17 years with Cushman & Wakefield.
The company says it has industrial and medical office assets in 22 major U.S. metropolitan areas.