First Industrial names new president and CEO

First Industrial Realty Trust has announced the appointment of Bruce W. Duncan to the position of president and chief executive officer. Duncan, 57, brings more than 30 years of real estate management and investment experience to First Industrial.

He currently serves as chairman of the board of Starwood Hotels & Resorts Worldwide, a position he has held since 2005. Duncan also served as Starwood's interim chief executive officer from April to September 2007 and has been a senior advisor to Kohlberg Kravis & Roberts & Co. since July 2008. From 2002 through 2005, he was president and CEO of Equity Residential, the largest publicly traded apartment REIT.

First Industrial also announced that W. Ed Tyler, who has served as the company's interim chief executive officer since October 2008, has been appointed the new non-executive chairman of the company's board of directors. Jay H. Shidler has resigned as chairman, and will continue to serve as a member of the board and the chairman of the company's investment committee.

First Industrial announced In October the resignation of Michael W. Brennan as the company's president and CEO. The company added that it had set up a committee to conduct the search for a new CEO and appointed Ed Tyler, a member of the board, as interim chief executive.

In December First Industrial unveiled plans to close down its European operations as part of a series of actions aimed at cutting costs on the back of tighter credit market conditions.