W. P. Carey Foundation to Be Primary Beneficiary of Wm. Polk Carey Shares in W. P. Carey Co. LLC
NEW YORK, NY -- (MARKET WIRE) -- 01/02/12 -- The Trustees of the W. P. Carey Foundation announced today that the Foundation will be the primary beneficiary of shares of common stock in W. P. Carey & Co. LLC (NYSE: WPC) held by Wm. Polk Carey. Mr. Carey died earlier today.
Mr. Carey was the founder and Chairman of both W. P. Carey & Co. LLC and the W. P. Carey Foundation.
Francis J. Carey, President of the W. P. Carey Foundation, said, "All of the Trustees of the Foundation join me in mourning Bill's passing. Bill Carey was determined that the charitable work he pursued throughout his life should continue long after his death. For this reason, he arranged that The Foundation will be the primary beneficiary of his shares in W. P. Carey & Co. LLC."
Francis J. Carey continued, "The Board of Trustees of the Foundation intends to hold the WPC shares over the long term in accordance with Bill Carey's life-long philosophy of Investing for the Long Run" and in light of the stock's outstanding, cycle-tested track record. We have the utmost confidence in W. P. Carey & Co. LLC's senior management team as led by CEO Trevor Bond and under the guidance of the Board of Directors, which is comprised of highly talented business leaders and academics."
About the W. P. Carey Foundation
The W. P. Carey Foundation is a private U.S. foundation, incorporated in 1988 by Wm. Polk Carey, with a tradition of focused philanthropy. Inspired by the Carey family's legacy of educational leadership and philanthropy, The W. P. Carey Foundation's primary mission is to support educational institutions with the larger goal of improving America's competitiveness in the world. The main focus of our support to schools, universities, lecture series, chairs and other programs is on the study of business, economics and law, as well as on admissions procedures and college and career guidance.
FOUNDATION CONTACT: Juliana Harris 212-492-1108 Email Contact
Source: W. P. Carey & Co. LLC