LOS ANGELES--(BUSINESS WIRE)--Nov. 9, 2018--
Effective November 9, 2018, Sujan S. Patel resigned from all positions
at Colony Credit Real Estate, Inc. (NYSE: CLNC) (the “Company”),
including Mr. Patel’s position as Chief Financial Officer and Treasurer
of the Company, to pursue other opportunities. Mr. Patel joined the
Company’s manager and its predecessor company in February 2007 and has
been instrumental in the formation and public launch of the Company,
serving as its initial Chief Financial Officer and overseeing its
investments, capital markets, and investor relations activities. “I
appreciate Sujan’s value-added contributions, dedication and loyalty. He
has helped to put us on a steep trajectory since our formation and I
wish him continued success in his next pursuits,” said Kevin P.
Traenkle, Chief Executive Officer and President of the Company.
The Board of Directors of the Company today announced that it has
unanimously approved the appointment of Neale W. Redington, 52, as Chief
Financial Officer and Treasurer of the Company, and Frank V. Saracino,
52, as Chief Accounting Officer of the Company. Mr. Redington was
previously the Company’s Chief Accounting Officer. “We are fortunate to
have had Mr. Redington and Mr. Saracino at the Company, continuing to
provide a wealth of financial and accounting experience to the Company,”
said Mr. Traenkle.
Mr. Redington, a 10-year veteran of Colony Capital, Inc., the Company’s
manager, together with his responsibilities for the Company, also serves
as Managing Director and the Chief Accounting Officer of Colony Capital.
He is responsible for financial accounting and reporting for
firm-sponsored investments and related affiliates and subsidiaries.
Prior to joining the predecessor Colony business in 2008, Mr. Redington
was an audit partner in the real estate and hospitality practice of
Deloitte & Touche LLP, having worked there for 20 years.
Mr. Saracino serves as Managing Director at Colony Capital where his
responsibilities include financial accounting and reporting for Colony
Capital managed non-listed real estate investment trusts and registered
closed-end investment reporting companies as Chief Financial Officer.
Prior to joining a predecessor of the Colony business in 2015, Mr.
Saracino was a managing director with Prospect Capital Corporation where
he served from inception as Chief Financial Officer of its real estate
investment trust subsidiaries and registered closed-end investment
companies. From 2008 to 2012, Mr. Saracino was a Managing Director and
America’s co-head of finance at Macquarie Group, and 2004 to 2008 he was
Chief Accounting Officer of eSpeed, Inc., a publicly traded subsidiary
of Cantor Fitzgerald.
About Colony Credit Real Estate, Inc.
Colony Credit Real Estate (NYSE: CLNC) is one of the largest publicly
traded commercial real estate (CRE) credit REITs, focused on
originating, acquiring, financing and managing a diversified portfolio
consisting primarily of CRE senior mortgage loans, mezzanine loans,
preferred equity, debt securities and net leased properties
predominantly in the United States. Colony Credit Real Estate is
externally managed by a subsidiary of leading global real estate and
investment management firm, Colony Capital, Inc.Colony Credit Real
Estate is organized as a Maryland corporation that intends to elect to
be taxed as a REIT for U.S. federal income tax purposes for its taxable
year ending December 31, 2018. For additional information regarding the
Company and its management and business, please refer to www.clncredit.com.
This press release may contain forward-looking statements within the
meaning of the federal securities laws. Forward-looking statements
relate to expectations, beliefs, projections, future plans and
strategies, anticipated events or trends and similar expressions
concerning matters that are not historical facts. In some cases, you can
identify forward-looking statements by the use of forward-looking
terminology such as “may,” “will,” “should,” “expects,” “intends,”
“plans,” “anticipates,” “believes,” “estimates,” “predicts,” or
“potential” or the negative of these words and phrases or similar words
or phrases which are predictions of or indicate future events or trends
and which do not relate solely to historical matters. Forward-looking
statements involve known and unknown risks, uncertainties, assumptions
and contingencies, many of which are beyond our control, and may cause
actual results to differ significantly from those expressed in any
forward-looking statement. Among others, the following uncertainties and
other factors could cause actual results to differ from those set forth
in the forward-looking statements: operating costs and business
disruption may be greater than expected; the Company's operating results
may differ materially from the pro forma information presented in the
Company's Annual Report on Form 10-K for the fiscal year ended December
31, 2017; the fair value of the Company's investments may be subject to
uncertainties; the Company's use of leverage could hinder its ability to
make distributions and may significantly impact its liquidity position;
given the Company's dependence on its external manager, an affiliate of
Colony Capital, any adverse changes in the financial health or otherwise
of its manager or Colony Capital could hinder the Company's operating
performance and return on stockholder's investment; the ability to
realize substantial efficiencies as well as anticipated strategic and
financial benefits; and the impact of legislative, regulatory and
competitive changes. The foregoing list of factors is not exhaustive.
Additional information about these and other factors can be found in
Part I, Item 1A of the Company’s Annual Report on Form 10-K for the
fiscal year ended December 31, 2017, as well as in CLNC’s other filings
with the Securities and Exchange Commission.
We caution investors not to unduly rely on any forward-looking
statements. The forward-looking statements speak only as of the date of
this press release. Colony Credit Real Estate is under no duty to update
any of these forward-looking statements after the date of this press
release, nor to conform prior statements to actual results or revised
expectations, and Colony Credit Real Estate does not intend to do so.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181109005575/en/
Source: Colony Credit Real Estate, Inc.
Colony Credit Real Estate, Inc.