CIM Commercial Trust Appoints David Thompson as Chief Executive Officer and Nathan Debacker as Chief Financial Officer
March 29 2019 - 8:00AM
Business Wire
CIM Commercial Trust Corporation (NASDAQ & TASE: CMCT)
announced today that its board of directors (the “Board”) has
appointed David Thompson as its Chief Executive Officer (“CEO”) and
Nathan DeBacker as its Chief Financial Officer (“CFO”) at the
recommendation of CIM Commercial Trust’s operator, CIM Group.
Mr. Thompson previously served as CIM Commercial Trust’s CFO
since 2014 and is a Principal and the CFO of CIM Group. Mr.
DeBacker is a Senior Vice President and the CFO of CCO Capital,
LLC, a subsidiary of CIM Group. Both appointments are effective as
of today.
“I look forward to furthering our plan to unlock embedded value
in our portfolio and improve the trading liquidity of our common
stock. We will continue to focus on maximizing returns for
shareholders by actively managing our high-quality portfolio while
increasing our engagement with shareholders,” said David
Thompson.
Charles Garner, Principal and Co-head of Investments of CIM
Group said: “I am very proud of the value we created in the CMCT
portfolio and I look forward to supporting David as he oversees the
next phase of CMCT’s growth.”
“With the anticipated increase in trading liquidity, David’s
leadership at CMCT will boost our shareholder’s engagement while
Charlie continues to support the quality and performance of our
portfolio as Co-head of Investments at CIM,” said Richard Ressler,
Chairman of CMCT.
About CIM Commercial
CIM Commercial is a real estate investment trust that primarily
acquires, owns, and operates Class A and creative office assets in
vibrant and improving metropolitan communities throughout the
United States. Its properties are primarily located in Los Angeles,
the San Francisco Bay Area and Washington, D.C. CIM Commercial is
operated by affiliates of CIM Group, L.P., a vertically-integrated
owner and operator of real assets with multi-disciplinary expertise
and in-house research, acquisition, credit analysis, development,
finance, leasing, and onsite property management capabilities
(www.cimcommercial.com).
FORWARD-LOOKING STATEMENTS
The information set forth herein contains "forward-looking
statements." You can identify these statements by the fact that
they do not relate strictly to historical or current facts or
discuss the business and affairs of CIM Commercial on a prospective
basis. Further, statements that include words such as "may,"
"will," "project," "might," "expect," “target,” "believe,"
"anticipate," "intend," "could," "would," "estimate," "continue,"
"pursue," "potential", "forecast", "seek", "plan", or "should" or
the negative or other words or expressions of similar meaning, may
identify forward-looking statements.
CIM Commercial bases these forward-looking statements on
particular assumptions that it has made in light of its experience,
as well as its perception of expected future developments and other
factors that it believes are appropriate under the circumstances.
These forward-looking statements are necessarily estimates
reflecting the judgment of CIM Commercial and involve a number of
risks and uncertainties that could cause actual results to differ
materially from those suggested by the forward-looking statements.
These forward-looking statements are subject to risks,
uncertainties and other factors, including those associated with
(i) CIM Commercial's ability to consummate the sales of properties
and return of capital anticipated by its plan to unlock embedded
value in its portfolio and improve the trading liquidity of its
common stock and (ii) general economic, market and other
conditions. For a further list and description of the risks and
uncertainties inherent in forward-looking statements, see CIM
Commercial's Annual Report on Form 10-K for the fiscal year ended
December 31, 2018.
As you read and consider the information herein, you are
cautioned to not place undue reliance on these forward-looking
statements. These statements are not guarantees of performance or
results and speak only as of the date hereof. These forward-looking
statements involve risks, uncertainties and assumptions. In light
of these risks and uncertainties, there can be no assurance that
the results and events contemplated by the forward-looking
statements contained herein will in fact transpire. New factors
emerge from time to time, and it is not possible for CIM Commercial
to predict all of them. Nor can CIM Commercial assess the impact of
each such factor or the extent to which any factor, or combination
of factors may cause results to differ materially from those
contained in any forward looking statement. CIM Commercial
undertakes no obligation to publicly update or release any
revisions to these forward-looking statements to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190329005096/en/
For CIM Commercial Trust CorporationMedia Relations:Bill
Mendel212-397-1030bill@mendelcommunications.comorShareholder
Relations:Steve Altebrando646-652-8473shareholders@cimcommercial.com
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