USAA RealCo. CEO Duncan to Step Down, COO O’Donnell to Step Up
- Mar 04, 2013
There will soon be a big change at the top at USAA Real Estate Co., the real estate arm of insurance and financial services company USAA. Patrick Duncan, CEO of RealCo, will retire from his position come May 1, and pass the torch to current president and COO Len O’Donnell.
Duncan became CEO of RealCo with the ringing in of 2006 and has since been instrumental in taking company’s portfolio of assets under management from approximately $3.5 billion to $12 billion today.
In 2012, Commercial Property Executive named Duncan developer of the year, taking note of the substantial list of projects he’d kicked off, including a 1 million-square-foot build-to-suit that will serve as a fulfillment center for Amazon in Patterson, Calif.
His expertise, cultivated over a period of more than 30 years, will still be felt at RealCo. Duncan, who joined the company in 1986, will continue to serve as the RealCo board’s executive vice chairman, and he will also hold onto seats on the boards of more than a few RealCo subsidiaries and affiliates.
In less than two months, Duncan will step aside for O’Donnell to take the helm. Duncan’s successor has held the position of president and COO since February 2011, when he came aboard with 25 years of real estate industry experience culled from his roles as president and CEO of Crimson Capital Ltd. and principal and chief investment officer of Crimson Real Estate Fund, as well as a decade as an investment sales broker.
“Pat’s record, especially successfully leading RealCo during the recent economic downturn, is outstanding,” Joe Robles, USAA president and CEO, said in a prepared statement. “Thanks to Pat’s leadership, USAA Real Estate Company has grown to be a major industrial developer that is highly respected, and Len has proven himself well-qualified to build on that tradition.”