Colony Capital’s Barrack Steps Down as Executive Chairman
(Bloomberg) -- Colony Capital Inc. founder Tom Barrack is taking another step back from the firm, relinquishing his role as executive chairman.
Barrack, 73, who left the chief executive officer post last year, will retain a director role at the company he founded, while Nancy Curtin, already a Colony director, will become non-executive chairman effective April 1, the company said in a statement late Tuesday.
Marc Ganzi, who took over from Barrack as CEO, has overseen Colony’s pivot toward investments in digital infrastructure from myriad holdings that included Michael Jackson’s Neverland Ranch, warehouses and hotels.
“With a clear path to completing the digital pivot, I look forward to contributing as a non-executive board member and concentrating on my non-digital infrastructure business interests and opportunities,” Barrack said in the statement.
Barrack -- executive chairman since the firm’s founding in 1991 -- took on other roles during his tenure, including as chair of the inaugural committee for President Donald Trump. Earlier this year, he was questioned under oath as part of a government lawsuit alleging the committee illegally overpaid for events at a Washington hotel owned by Trump’s family business.
Barrack’s plans beyond Colony are already taking shape. Falcon Acquisition Corp., a special purpose acquisition company co-sponsored by Falcon Peak Partners LLC, Barrack’s family office, and TI Capital Management, filed paperwork last week for an initial public offering.
As it shrinks the board to 10 members from 12, Colony nominated Microsoft Corp. executive Sháka Rasheed for election. Ray Mikulich and Craig Hatkoff, who were appointed in 2019 when activist investor Blackwells Capital pressured Colony to improve governance, as well as George Parker, a longtime director, aren’t up for re-election.
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