Global Switch CEO John Corcoran is retiring.
The data center company this week announced that Corcoran would be stepping down on December 31, 2023.
After leaving the company, he will be pursuing his private investment interests, a number of specific corporate projects, and his charitable interests. Corcoran will also remain chairman of Global Switch Australia Holdings, the holding company of the Global Switch Australia group.
In Corcoran's place, Global Switch's current chief operating officer Ashley Muldoon is to be appointed CEO, and will join the board. Shareholder approval for his appointment is expected in the coming weeks.
Global Switch said there will be “no changes” to the strategic direction of the company following the management change, and the company is continuing to “explore a potential divestment transaction.”
Corcoran said: “I have been honored to lead Global Switch over the last two decades, during which time it has been transformed from a loss-making enterprise into one of the most successful data center companies in the world.
I have been fortunate to work with an incredible group of people, both inside and outside of our Company, who have played an important role in creating the successful business we see today. I would like to express my specific thanks to all my colleagues, both past and present, whose hard work and commitment have enabled our business to grow to where it is today, as well as our customers and, partners for their unwavering support.”
“I thoroughly enjoyed the journey from the early days with the Reuben Brothers, where the company benefitted from their original business vision and acumen, through to an exceptional period of growth over the last seven years, particularly in Asia-Pacific, where I have valued the ongoing support of our board and shareholders.”
Corcoran was appointed executive chairman of Global Switch in 2008, and took over as CEO in 2014. Previously, he served as CFO of Australian construction firm Multiplex Group.
Multiplex first became an investor in Global Switch in 2004 and subsequently sold its interest to the Reuben Brothers in 2006.
On Muldoon, Corcoran said: “I have known and worked with Ashley Muldoon for over 25 years and in recent years, have partnered closely with him at Global Switch in preparation for a smooth leadership transition.
"In that time, he has developed a deep understanding of all aspects of the Company’s operations and I am confident that with the strong and stable platform we have built, Global Switch will go from strength to strength under the dynamism and energy of his leadership.”
Before joining Global Switch in 2020, Muldoon was CEO of Multiplex; he had been at the company for more than 20 years.
Muldoon said: “I am delighted to be appointed chief executive officer of Global Switch and I look forward to working with my fellow executive director and chief financial officer, David Doyle, together with the board, shareholders, and the entire Global Switch team.”
“The leadership transition comes at an exciting time for Global Switch, as the growth in AI, coupled with our unique platform of irreplaceable data center campuses in the Tier 1 markets, and our unrivaled customer base, provides exciting opportunities both in existing markets and across new markets to accelerate Global Switch into 2024 and beyond.”
Founded in 1998, London-based Global Switch operates 13 facilities across Europe, Australia, and Asia, totaling around 4.6 million sq ft of technical space, with another in development in London, UK.
Chinese steel giant Jiangsu Shagang Group took control of the data center company over a three-year period beginning in 2016. The company has been flirting with a sale for nearly three years, first talking to potential acquirers back in January 2021 for a possible $10-11 billion sale.
More than a dozen firms were linked as potential buyers. Investment firms EQT, KKR, and PAG were reportedly shortlisted for a final round of bidding last year, but talks were said to have ‘ground to a halt’ in January 2023 over a gap in company valuations. EQT is reportedly still interested in a deal valuing the company at closer to around $6-7 billion.
He Chunsheng, chairman of Global Switch, said: “On behalf of the board of Global Switch, I would like to thank John for his significant contribution to Global Switch, over two decades. John has created a true global leader, through strong organic growth and has positioned the company for future, significant expansion.
"Under his stewardship, the company has also put sustainable design at the heart of the construction process and has a clear roadmap to achieve best-in-class environmental standards.”
