Michael C. Dermody and Douglas A. Kiersey, Jr. assume new titles at Dermody Properties
We are pleased to announce that Douglas A. Kiersey, Jr., has been named as Chief Executive Officer (CEO), while retaining his current role of President. Michael C. Dermody will assume the role of Executive Chairman. Their day-to-day responsibilities and involvement in the company remain unchanged.
“The recognition of this title change for Doug is long overdue,” said Dermody. “Doug’s leadership of the company has been at a CEO level for many years. I look forward to working closely with him for years to come.”
“I am incredibly honored that Michael and the Board have considered me as deserving of the title,” said Kiersey. “I am gratified to be able to actively work with Michael to continue to grow the company and create even greater success for our customers and investors and am honored to lead our world-class team at Dermody Properties.”
Kiersey oversees all company operations and strategic initiatives including capital formation, acquisition, development, and investment management activities. He is a member of the Dermody Properties Advisory Board and chairs the company’s Executive and Investment Committees. Since Kiersey joined the company in 2011, Dermody Properties has developed and acquired industrial logistics assets with an aggregate value more than $8 billion. Kiersey has more than 35 years of experience in logistics real estate in major U.S. markets.
Dermody Properties was formed in 1960. Michael Dermody joined in 1972 and became President and CEO in 1982. Under his leadership, the company grew from a Nevada-based industrial developer into one of the leading privately held investment managers focused on U.S. logistics real estate. Mr. Dermody will remain Chairman of the Advisory Board and continue his day-to-day responsibilities as a member of the Executive Committee and the Investment Committee, while continuing his long-standing protocol of signing every lease as part of the company’s customer-based mission.