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Colony Capital investor renews call to oust CEO

Mar. 05, 2020 7:39 AM ETDigitalBridge Group, Inc. (DBRG) StockDBRGBy: Liz Kiesche, SA News Editor9 Comments
  • Blackwells Capital, which owns ~2% stake in Colony Capital (NYSE:CLNY), calls on the REIT's board to remove CEO and Chairman Thomas J. Barrack after the decline in shareholder equity value since the company's merger with NorthStar entities in January 2017.
  • Blackwells also points to a more than 80% decrease in share price since Colony's April 2015 internalization.
  • “Colony shareholders have endured ‘short-term pain,’ as Mr. Barrack calls it, continuously for five years as Colony has destroyed nearly $7B in shareholder equity,” said Blackwells Chief Investment Officer Jason Aintabi.
  • Blackwells also calls for the board to return capital to shareholders through a stock buyback, cut costs, replace its directors, impose a moratorium on related-party transactions, and start an independent investigation of the company's transactions and operations, among other actions.
  • Previously, Blackwells said it will nominate five candidates for Colony's board at the upcoming 2020 annual meeting.
  • Previously: Colony Credit shareholder calls for changes (Feb. 27)

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