DOW JONES NEWSWIRES

First Industrial Realty Trust Inc. (FR) has named Starwood Hotels & Resorts Worldwide Inc. (HOT) Chairman Bruce W. Duncan to be president and chief executive of the warehouse-focused real-estate investment trust, capping a series of changes to the executive suites.

Duncan, 57 years old, served as Starwood's interim CEO for six months in 2007 and has been a senior adviser to private-equity firm Kohlberg Kravis Roberts & Co. since July. He has served as chief executive at several other real-estate companies, including Equity Residential (EQR), the largest publicly traded apartment REIT.

Duncan will replace interim chief executive W. Ed Tyler, who has been appointed chairman. Tyler filled that post in October after Michael W. Brennan resigned as the board decided it was the right time to select a new leader to "move the company forward in improving its performance," the company said at the time.

Jay H. Shidler has given up the chairman's title, but will remain a director and be chairman of the company's investment committee.

Brennan's departure was followed last month by Chief Financial Officer Mike Havala's resignation after nearly 20 years at First Industrial. At the same time, the company slashed its full-year view amid the worsening global economy.

Real estate investment trusts had their worst year on record in 2008 amid drops in home prices and commercial real estate prices, steadily rising foreclosures and a lack of consumer confidence in the market.

First Industrial shares closed Friday at $7.03 and there was no premarket trading. The stock is down 78% this year.

-By Kerry E. Grace, Dow Jones Newswires; 201-938-5089; kerry.grace@dowjones.com

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