Colony Capital, Inc. (CLNY) - Get Colony Capital, Inc. Class A Report ("Colony" or the "Company") today announced the relocation of its corporate headquarters from Los Angeles, California to Boca Raton, Florida, effective as of January 1, 2021. In addition, Colony announced the appointment of select corporate officers to new roles as part of its ongoing digital transformation.
Digital Colony, the Company's digital infrastructure investment management business has been based in Boca Raton for over a decade. Colony's President and CEO, Marc Ganzi, and Executive Vice President and CFO, Jacky Wu, are already based out of Boca Raton. The transition is consistent with the Company's strategic realignment to an exclusive focus on digital infrastructure, which is now greater than 50% complete. The move also supports management's ongoing focus on streamlining the Company's corporate structure and realizing G&A savings. Select corporate personnel and activities will transition to Florida, while the Company maintains its Los Angeles office to support its investment and corporate operations.
"We are excited to strengthen our presence in Florida and make Boca Raton our official global headquarters," said Marc Ganzi. "The move reflects our business transformation and centers the business around our core digital infrastructure platform. Making this move improves efficiency, collaboration and cost-competitiveness, while providing an exceptional work environment for our employees. We will continue to have a meaningful presence in Los Angeles, with many key executives and staff based there."
On December 30, 2020, the Company completed a series of personnel changes as part of its ongoing digital transformation. The Board of Directors appointed Sonia Kim as the Company's Chief Accounting Officer, effective January 1, 2021. Ms. Kim has been with Colony since 2008 and prior to this appointment served as Managing Director, Finance & Accounting. Neale Redington has been appointed Chief Financial Officer of the Company's non-digital businesses and Brian Lee has been promoted to Corporate Treasurer.
"I am very pleased that these three accomplished executives have agreed to assume new roles and responsibilities as part of our digital transformation," said Jacky Wu. "Sonia has been with us for over a decade and the appointment is well earned. Neale's new role will bring greater focus to the crucial task of managing our legacy businesses and Brian will add treasury oversight to his existing role as Head of Corporate Finance."
The address for the new corporate headquarters is:750 Park of Commerce Drive, Suite 210Boca Raton, Florida 33487
About Colony Capital
Colony Capital, Inc. (CLNY) - Get Colony Capital, Inc. Class A Report is a leading global investment firm with a heritage of identifying and capitalizing on key secular trends in real estate. The Company manages a $47 billion portfolio of real assets on behalf of its shareholders and limited partners, including over $23 billion in digital real estate investments through Digital Colony, its digital infrastructure platform. Colony Capital, structured as a REIT, is headquartered in Boca Raton with key offices in Los Angeles, New York, and London, and has over 350 employees across 20 locations in 12 countries.
Cautionary Statement regarding Forward-Looking Statements
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. Factors that might cause such a difference include, without limitation, the timing and pace of the Company's digital transformation, whether the Company will realize any of the anticipated benefits of such transformation, the timing and magnitude of any G&A savings, and other risks and uncertainties, including those detailed in Colony's Annual Report on Form 10-K for the year ended December 31, 2019, Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, Quarterly Report on Form 10-Q for the quarter ended June 30, 2020, Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, and its other reports filed from time to time with the U.S. Securities and Exchange Commission ("SEC"). All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Colony cautions 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 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 does not intend to do so.
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