Item 5.02. Departure of Directors or Certain Officers;
Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers
Effective November 9, 2018, Sujan S. Patel resigned from all
positions he held with Colony Credit Real Estate, Inc. (the
“Company”) and its subsidiaries, including Mr. Patel’s
position as Chief Financial Officer and Treasurer of the Company,
in order to pursue other opportunities. Such resignation did not
involve a disagreement with the Company on any matter relating to
the Company’s operations, policies or practices.
On November 9, 2018, the Board of Directors of the Company
unanimously approved the appointment of (i) Neale W. Redington
as Chief Financial Officer and Treasurer of the Company and
(ii) Frank V. Saracino to replace Mr. Redington as Chief
Accounting Officer, effective immediately.
The following is a brief biographical summary for each of Mr.
Redington and Mr. Saracino.
Neale W. Redington , age 52, previously served as the Chief
Accounting Officer of the Company between January 2018 and November
2018. In addition, Mr. Redington serves as Managing Director
and the Chief Accounting Officer of Colony Capital, Inc. (“Colony
Capital”), where he is responsible for financial accounting and
reporting for firm-sponsored investments and related affiliates and
subsidiaries of Colony Capital. Prior to joining the predecessor
Colony Capital business in 2008, Mr. Redington was an audit
partner in the real estate and hospitality practice of
Deloitte & Touche LLP. During his twenty years with
Deloitte, Mr. Redington worked in both London and Los Angeles.
Mr. Redington, a Certified Public Accountant (license
inactive) and a Chartered Accountant in England & Wales,
received a Bachelor of Commerce in Accounting degree with Honors
from the University of Birmingham in England.
Frank V. Saracino , age 52, 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. Mr. Saracino started his career at
Coopers & Lybrand where he earned a CPA, and subsequently
worked in corporate finance at Deutsche Bank. Mr. Saracino
holds a Bachelor of Science degree from Syracuse University.
Item 7.01. Regulation FD Disclosure.
On November 9, 2018, the Company issued a press release
announcing the matters described in Item 5.02 above. A copy of
the press release is furnished as Exhibit 99.1 to this Current
Report on Form 8-K and
is incorporated herein solely for purposes of this Item 7.01
The information included in this Current Report on Form 8-K under this Item 7.01
shall not be deemed “filed” for the purposes of Section 18 of
the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that section, nor
shall it be deemed incorporated by reference into any filing made
by the Company under the Exchange Act or the Securities Act of
1933, as amended, except as shall be expressly set forth by
specific reference in such a filing.