CyrusOne appointed new CEO

CyrusOne, a premier global data center REIT, appointed Tesh Durvasula as President & Chief Executive Officer.

CyrusOne, a premier global data center REIT, announced the appointment of Tesh Durvasula as President & Chief Executive Officer. CyrusOne CEO Gary Wojtaszek has resigned from his role as President & Chief Executive Officer, and as a director of the company.

Resignation after a mutual agreement

According to the company announcement, Wojtaszek made a mutual agreement with the Board effective upon the filing of the Company’s Form 10-K for the fiscal year ended December 31, 2019. Durvasula has appointed as President & Chief Executive Officer after his seven years in top roles at CyrusOne. Meanwhile, the company reported financial results for fourth-quarter 2019 and full year 2019. While its revenue was about $254 million, up 15% year over year, net loss decreased from $106 million to $52 million.

Alex Shumate, Chairman of the CyrusOne Board, talked about the appointment, saying,

“Tesh is an industry veteran with over 20 years of experience in fiber optics, interconnection and data centers. During his more than 7 years at CyrusOne, including serving as Chief Commercial Officer and his most recent role as President of Europe, Tesh has demonstrated that he is a strong and dynamic leader who is customer-focused and knows our business well. He has worked closely with our teams across the company to execute our strategy and deliver results. We are confident that Tesh’s experience positions him well to lead the Company as our CEO during this transition.”

Tesh Durvasula, President & Chief Executive Officer, CyrusOne also said:

“I know that I speak for everyone at CyrusOne in thanking Gary for his strong leadership and vision. Over the years, Gary has helped create a strong company culture at CyrusOne focused on excellent customer service and delivering shareholder value, which will remain unchanged.”

CyrusOne has paid off 55 employees as part of a plan to increase profitability last month. Ex CEO Gary Wojtaszek said this action would reduce its annual expenses by $10.7 million with these job cuts at that time.