Sun Communities, Inc. (NYSE: SUI) (the “Company”) today announced
its planned Chief Financial Officer succession, with Fernando
Castro-Caratini, current Senior Vice President, Finance &
Capital Markets, assuming the role of Executive Vice President,
Chief Financial Officer on May 2, 2022.
At that time, Karen Dearing, the Company’s
current CFO, will begin serving as Executive Vice President,
Special Projects, focusing on the integration of the Company’s UK
acquisitions and other key initiatives.
Gary Shiffman, Chief Executive Officer, stated,
“I am excited to announce this next step in the Company’s
evolution. Karen Dearing has served as our CFO over the last 14
years, during the most transformational period in our history. She
has played an integral role in the success of the strategic
opportunities we have chosen to pursue and built a tremendous team
of accounting and finance professionals on whom we rely. Karen’s
depth and breadth of experience over nearly 25 years with Sun,
uniquely position her to lead our UK integration efforts and
continue her active role on our executive team.”
He added, “In his current role, Fernando has
been a key member of Sun’s leadership team. As we planned for this
succession, Karen and Fernando have worked closely over the years
to ensure a smooth transition and thorough transfer of knowledge.
Fernando’s leadership and vision have been, and will be, integral
to the Company as we continue to execute on our strategic
plan.”
Ms. Dearing said, “I am extremely proud of the
accomplishments of the dedicated teams I have had the privilege of
working with during my tenure as CFO and have the utmost confidence
in their continued success. As I look to the future, I am energized
by the opportunity we see in the UK market and am pleased to be
able to focus additional attention to ensure a successful
integration and execution of our strategy. I also look forward to
continuing to advise the Sun teams focused on our DEI efforts and
the implementation of a new ERP system, while ensuring a smooth CFO
transition.”
Fernando Castro-Caratini joined Sun Communities
in November 2016 and currently serves as Senior Vice President,
Finance & Capital Markets. In this role, Mr. Castro-Caratini
has set operational, financial, corporate M&A, and public
communication strategies in addition to managing Sun’s investor,
research analyst, investment bank and lender relationships. Before
joining Sun, Mr. Castro-Caratini was with Citigroup in the Real
Estate & Lodging Investment Banking group where he executed on
a broad range of transactions for real estate and lodging clients
focusing primarily on strategic advisory, including M&A and
initial public offerings. Mr. Castro-Caratini received a B.A. from
Washington University in Saint Louis, and an MBA from New York
University’s Stern School of Business.
Mr. Castro-Caratini stated, “I am extremely
privileged to step into the Chief Financial Officer role at a time
of tremendous opportunity for Sun. We will continue to build on
what we have accomplished as a team and deliver excellent
performance to all stakeholders. I would like to thank Karen for
her guidance and friendship.”
About Sun Communities, Inc.
Sun Communities, Inc. is a REIT that, as
of December 31, 2021, owned, operated, or had an interest in a
portfolio of 602 developed MH, RV and marina properties comprising
over 159,000 developed sites and over 45,000 wet slips and dry
storage spaces in 39 states, Canada and Puerto Rico.
Forward Looking Statements
This press release contains various
“forward-looking statements” within the meaning of the Securities
Act of 1933, as amended, and the Securities Exchange Act of 1934,
as amended, and the Company intends that such forward-looking
statements will be subject to the safe harbors created thereby.
Forward-looking statements can be identified by words such as
“will,” “may,” “could,” “expect,” “anticipate,” “believes,”
“intends,” “should,” “plans,” “estimates,” “approximate,”
“guidance,” and similar expressions in this press release that
predict or indicate future events and trends and that do not report
historical matters.
These forward-looking statements reflect the
Company's current views with respect to future events and financial
performance, but involve known and unknown risks, uncertainties,
and other factors, some of which are beyond the Company's control.
These risks, uncertainties, and other factors may cause the actual
results of the Company to be materially different from any future
results expressed or implied by such forward-looking statements.
Such risks and uncertainties include the effects of the COVID-19
pandemic and related stay-at-home orders, quarantine policies and
restrictions on travel, trade and business operations; national,
regional and local economic climates; wars and other international
conflicts; difficulties in the Company's ability to evaluate,
finance, complete and integrate acquisitions, developments and
expansions successfully; the ability to maintain rental rates and
occupancy levels; competitive market forces; the performance of
recent acquisitions; changes in market rates of interest; changes
in foreign currency exchange rates; the ability of purchasers of
manufactured homes and boats to obtain financing; and the level of
repossessions by manufactured home and boat lenders. Further
details of potential risks that may affect the Company are
described in the Company’s periodic reports filed with the U.S.
Securities and Exchange Commission, including in the “Risk Factors”
sections of the Company's Annual Report on Form 10-K for the year
ended December 31, 2021.
The forward-looking statements contained in this
press release speak only as of the date hereof and the Company
expressly disclaims any obligation to provide public updates,
revisions or amendments to any forward-looking statements made
herein to reflect changes in the Company's assumptions,
expectations of future events, or trends.
For Further Information, contact:
Karen J. DearingChief Financial Officer (248)
208-2500www.suncommunities.com
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