- Praise for Barrack
- Marc Ganzi taking over
- Barrack will remain as Executive Chairman at Colony
- Barrack made a lengthy statement and said 315 words
(exechange) — Los Angeles, California, July 25, 2019 — Tom Barrack, chief executive of Colony, leaves. As announced by Colony Capital Inc. in a news release on Thursday, July 25, 2019, Thomas J. (Tom) Barrack leaves his post as Chief Executive Officer at the investment management firm.
On July 25, 2019, Colony Capital also announced that it has acquired Digital Bridge Holdings LLC for $325 million as part of Colony’s strategic evolution into the leading owner and investment manager of assets, businesses, and investment management products in which the digital and real estate frontiers intersect.
Following a transition period, Marc C. Ganzi, a founder and Chief Executive Officer of Digital Bridge, and a Managing Partner and an Investment Committee Member at Digital Colony, will become the CEO of Colony, succeeding Thomas J. Barrack, Jr., who will return to the position of Executive Chairman.
“Leadership succession plans”
Tom Barrack’s departure from the CEO post is explained as follows. Colony said: “The combination of the two companies also paves the way for Colony’s leadership succession plans, which will be implemented over approximately 18 to 24 months.”
Barrack will remain as Executive Chairman at Colony
“Following a transition period, Marc C. Ganzi, a founder and Chief Executive Officer of Digital Bridge, and a Managing Partner and an Investment Committee Member at Digital Colony, will become the CEO of Colony, succeeding Thomas J. Barrack, Jr., who will return to the position of Executive Chairman,” Colony said.
Share price increase since January 2019
The announcement follows an increase in Colony Capital, Inc.’s share price of 9% since January 2019.
In the position of CEO since 2018
Tom Barrack became CEO of the Company in November 2018.
Thomas J. Barrack, Jr. is the Founder, Executive Chairman and Chief Executive Officer of Colony Capital.
Prior to founding the Colony Capital business in 1991, Barrack was a Principal with the Robert M. Bass Group, the principal investment vehicle of the Fort Worth, Texas investor Robert M. Bass.
Prior to joining the Robert M. Bass Group, Barrack also served in the Reagan administration as Deputy Undersecretary of the Department of the Interior.
Additionally, in 2010 French president Nicolas Sarkozy awarded him France’s Chevalier de la Légion d’honneur.
From January 2016 through June 2017, Barrack served as co-chairman of the board of trustees of Colony Starwood Homes (NYSE: SFR), a leading single-family rental real estate investment trust.
From January 2014 to May 2016, Barrack served on the board of directors of Carrefour S.A., a French multinational retailer and the second largest retailer in the world.
Since June 2010, Barrack has served on the board of directors of First Republic Bank, a full service bank and wealth management firm.
From January 2006 to April 2013, Barrack served on the public board of directors of Accor, S.A., a major global hotel group listed on Euronext Paris.
Barrack has also served on the public board of Challenger Financial Services Group Limited, a diversified financial services organization listed on the Australian Securities Exchange from November 2007 to October 2010.
From August 1994 to September 2007, Barrack served on the board of Continental Airlines, Inc., one of the largest passenger airlines in the United States, including as a member of its Corporate Governance Committee, Executive Committee and Human Resources Committee.
Barrack received a Bachelor of Arts in 1969 from the University of Southern California.
He attended law school at the University of San Diego and the University of Southern California, where he was an editor of the law review, and received a Juris Doctor in 1972 from the University of San Diego.
Barrack is the recipient of an Honorary Doctorate of Jurisprudence degree from Pepperdine University and a Trustee at the University of Southern California.
Barrack assumed the CEO role last year after ousting Richard Saltzman in the aftermath of Colony’s merger with rival fund management group Northstar.
Push-out Score not determined
When a company convincingly explains that the departure is due to personal or business reasons that are unrelated to the firm’s activities, a Push-out Score™ is not determined.
Read the full story in the exechange report 30.2019 ($).