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Digital Realty CEO Bill Stein leaving, CFO Andy Power takes helm
Digital Realty CEO Bill Stein has been terminated from his role as CEO, effective immediately.
The colo giant announced today that its board of directors has appointed current president and chief financial officer, Andrew P. Power, as its CEO and to the board of directors, effective immediately.
In an SEC filing on the change, Digital said the board “approved the termination of A. William Stein as Chief Executive Officer of the company without cause, effective immediately” on December 13. No reason for the change was given, but it noted Stein will receive around $15 million in cash and various other separation payments and benefits.
According to another SEC filing from August 2021, Stein’s employment with the company was changed to “automatically be extended each year for successive one-year periods until either the employer or Mr. Stein provides 60 days written notice of non-extension prior to the expiration of the then current term.”
Digital said in a statement: “Bill was explicitly terminated ‘without cause’ pursuant to his employment contract. This is different from being terminated for cause.”