U.S. Markets open in 2 hrs.

DuPont Fabros announces CEO succession plans

WASHINGTON (AP) -- DuPont Fabros Technology Inc. said Tuesday that it is on the hunt for a new company president who will be groomed to become its next CEO.

The Washington-based company, which owns, operates and manages data centers, said it has started its search process to hire a president. The job will initially focus on corporate strategy, acquisitions and other areas of business development.

It expects the new hire to eventually succeed Hossein Fateh as the company's CEO.

"I have been thinking for some time and discussing with the board about the need to expand and strengthen our senior management team and plan for succession," Fateh said in a statement. "I believe that now is the right time to begin the process to identify a successor and integrate him or her into the company's management team."

There is no timetable as to when the succession plans will take place, the company said. But it expects Fateh to become DuPont Fabros Technology's executive chairman after he steps down as CEO. The company's current chairman of the board, Lammot du Pont, will become vice chairman.

The company's nominating and corporate governance committee will lead the search process for its new president.

Shares of DuPont Fabros Technology rose 19 cents to $24.10 in afternoon trading Tuesday.