Campus Crest Announces Management Team Changes
October 07 2014 - 5:26PM
Business Wire
Campus Crest Communities, Inc. (NYSE:CCG) today announced
several shifts in management as part of the company’s ongoing
efforts to bring about positive change. The changes include:
Chief Construction and Facilities
Officer – Brian Sharpe has elected to resign as a result of
the company’s decision to reduce development activity. This
position will not be filled.
Chief Operating Officer – Rob Dann
has chosen to resign in order to pursue other business
opportunities. Angel Herrera, the Chief Operating Officer of Campus
Crest Real Estate Management, will be transitioning into the COO
role.
Chief Investment Officer – Aaron
Halfacre, CFA®, will be assuming the CIO role and will continue to
oversee Capital Markets.
Chief Accounting Officer – Scott
Rochon, CPA and Campus Crest Corporate Controller, has been
promoted into the newly created role to oversee our accounting
operations.
"Today’s announcement marks the next important step for Campus
Crest. As we pledged on our last earnings calls, we have embraced
positive change and are committed to taking actions to improve our
results," declared Ted W. Rollins, Chief Executive Officer. "After
much consideration, working in close coordination with our Board of
Directors, I am pleased to announce the expansion of our senior
management team."
“Our initiatives for change encompass a heightened focus on
operations, a disciplined approach to capital allocation, and
bringing about thoughtful balance sheet improvements. I have
assembled this team to execute upon these initiatives and to
address critical business needs,” furthered Mr. Rollins. “Angel
Herrera has already been instrumental in improving our operations
in his current capacity as COO of Campus Crest Real Estate
Management and we look forward to bringing his three decades worth
of executive operating experience to bear on our entire operating
platform as he transitions into his new role. Angel will be focused
on retooling our existing processes in an effort to increase
economic occupancy, expand NOI margins and improve the customer
experience.”
“In an effort to provide analytical rigor and increased
discipline to our investment process, Aaron Halfacre will be taking
on the role of CIO and will chair our Investment Committee to
ensure that there are “checks and balances” with our capital
allocation process. In a short period of time, Aaron has become an
integral member of our management team and provides a fresh
perspective on how we analyze our portfolio of assets and approach
capital allocation.”
“Scott Rochon is a valuable addition to our broader management
team as he calls upon his years of accounting and finance
experience within the real estate industry. He has been serving for
almost two years as our Corporate Controller and is ideally suited
to take on the duties of Chief Accounting Officer. He will be
working closely with Donnie Bobbitt, our CFO, and Aaron Halfacre to
drive meaningful improvements to our balance sheet and execute on
our cost-containment initiatives. Additionally, Scott will be
overseeing the implementation of our enterprise software system
which is designed to enhance our productivity and data
integrity.”
“Please join me in welcoming our new management team. We wish
Brian and Rob the very best in their future endeavors.”
“We have much work to do to restore investor confidence and are
intently focused on taking the successive steps to improve.”
About Campus Crest Communities, Inc.
Campus Crest Communities, Inc. is a leading owner and manager of
high-quality student housing properties located close to college
campuses in targeted markets. It has ownership interests in 86
student housing properties with over 46,000 beds across North
America. Additional information can be found on the Company's
website at http://www.campuscrest.com.
Forward-Looking Statements
This press release, together with other statements and
information publicly disseminated by the Company, contains certain
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. The Company intends
such forward-looking statements to be covered by the safe harbor
provisions for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 and includes this
statement for purposes of complying with these safe harbor
provisions. 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. You
should not rely on forward-looking statements since they involve
known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond the Company's control, that
may cause actual results to differ significantly from those
expressed in any forward-looking statement. All forward-looking
statements reflect the Company's good faith beliefs, assumptions
and expectations, but they are not guarantees of future
performance. Furthermore, except as otherwise required by federal
securities laws, the Company disclaims any obligation to publicly
update or revise any forward-looking statement to reflect changes
in underlying assumptions or factors, new information, data or
methods, future events or other changes. For a further discussion
of these and other factors that could cause the Company's future
results to differ materially from any forward-looking statements,
see the risk factors discussed in the Company's most recent Annual
Report on Form 10-K, as updated in the Company’s Quarterly Reports
on Form 10-Q.
Campus Crest Communities, Inc.Aaron Halfacre,
704-496-2500Investor.Relations@CampusCrest.com
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