12/12/2009

Grossberg Company LLP sponsors the Washington Business Journal CFO of the Year Award for the Real Estate Category. 

The CFO of the Year award for the Real Estate Category was given to Mark Wetzel, Executive Vice President, Chief Financial Officer and Treasurer of DuPont Fabros Technology Inc. 

Congratulations Mark.

About Mark Wetzel:
With the credit crisis in full swing in the fall of 2008, Mark Wetzel worked with the CEO to ensure the continued viability of DuPont Fabros Technology Inc., a real estate investment trust and developer, operator and manager of wholesale data centers.

With cash flow a top issue, Wetzel initiated an emergency plan to suspend all development and eliminate the payment of the fourth-quarter dividend.  Wetzel raised $100 million in new financing in October 2008 and $30 million of new debt in February 2009.  He restructured $150 million of debt and extended the debt term out for three years.

To promote the District-based company, Wetzel and the CEO met with more than 120 investors, analysts, and bankers between February and September, explaining the company goals for 2009 and beyond.  The stock price on January 1, 2009 was $2.07, and on November 30 it as trading around $15.81.

In addition, Wetzel set up procedures to ensure the company was in compliance with the Sarbanes-Oxley Act, the standard all U.S. public company boards, management and public accounting firms should follow.