Colony Credit Real Estate Announces Appointment of New Chief Financial Officer and Chief Accounting Officer
November 09 2018 - 4:36PM
Business Wire
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.
Forward-Looking Statement
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.
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Investor RelationsColony Credit Real Estate, Inc.Addo
Investor RelationsLasse Glassen310-829-5400
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