NEW YORK, Aug. 5, 2015 /PRNewswire/ --
- David Hamamoto to assume newly created Executive Chairman role of NSAM
- Al Tylis appointed Chief Executive Officer of NSAM and member of the NSAM and NRF Board of Directors
- Jonathan Langer appointed Executive Vice President of NSAM and Chief Executive Officer of NRF
NorthStar Asset Management Group Inc. (NYSE: NSAM) today announced that David Hamamoto has been appointed Executive Chairman, effective immediately, and will continue to serve as Chairman of NorthStar Realty Finance Corp. (NYSE: NRF). Al Tylis will assume the role of Chief Executive Officer of NSAM and become a member of both NSAM and NRF's Board of Directors. NSAM also announced that real estate veteran Jonathan A. Langer was hired as an Executive Vice President of NSAM and was also appointed Chief Executive Officer of NRF, effective August 11, 2015, reporting to Mr. Hamamoto and Mr. Tylis.
"As I have done since I founded NRF in 2004, I will continue to devote my energy to NSAM, NRF and NSAM's other managed companies, and remain focused on actively planning their strategic development to drive long-term success," commented David Hamamoto. "Over the past ten years, Al has done a phenomenal job in his various executive management roles at NorthStar, including in his role as President the last four years, where his strategic thinking has been invaluable. I cannot think of anyone more capable of partnering with me to lead NSAM, NRF and NSAM's other managed companies to further growth and success."
Mr. Hamamoto continued, "We will also continue to benefit from an exceptional executive management team led by Dan Gilbert, our Chief Investment and Operating Officer, who has been with NorthStar from the start and who will continue to be a critical partner to Al and me as we move forward. Additionally, Jonathan's background, accomplishments and wealth of real estate experience will be a valuable addition to our management team."
Mr. Tylis commented, "We are committed to building on our track record of success and I look forward to a continued close working relationship with an extraordinary mentor in David, and with Dan and the rest of our seasoned leadership team, to enhance our competitive position and create significant value for shareholders of NSAM and NRF, and investors in all of our other managed companies. The addition of talented executives like Jonathan and Mahbod Nia, the recently appointed CEO of NorthStar Realty Europe, to concentrate on specific NSAM managed companies is a critical step in our growth process and will prove to be highly beneficial for NRF and NRE."
In their new roles both Mr. Hamamoto and Mr. Tylis will remain intimately involved in managing NorthStar Realty and NorthStar Realty Europe, which is being spunoff from NorthStar Realty. Mr. Langer will concentrate on using his extensive industry knowledge and relationships to maximize shareholder value at NRF.
Mr. Langer said, "NorthStar Realty has built an incredibly talented and seasoned executive team and the underlying strengths of its operating strategies and diversified commercial real estate portfolio are clear. NorthStar has a longstanding track record of success and I look forward to working closely with David, Al, Dan and the entire organization to deliver longterm, attractive results for our shareholders."
Prior to joining NorthStar, Mr. Langer was a Managing Director and Partner at Goldman Sachs and founded his own investing firm, Fireside Investments.
About NorthStar Asset Management Group Inc.
NorthStar Asset Management Group Inc. (NYSE: NSAM) is a global asset management firm focused on strategically managing real estate and other investment platforms in the United States and internationally. For more information about NorthStar Asset Management Group Inc., please visit www.nsamgroup.com.
About NorthStar Realty Finance Corp. NorthStar Realty Finance Corp. (NYSE: NRF) is a diversified commercial real estate company that is organized as a REIT. NorthStar Realty has announced a plan to spin-off its European real estate business into a separate publicly-traded REIT. NorthStar Realty is managed by an affiliate of NorthStar Asset Management Group Inc. For more information about NorthStar Realty Finance Corp., please visit www.nrfc.com.
Safe Harbor Statement Certain items in this press release may constitute forward-looking statements, which can be identified by words like "expect," "will," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements; NSAM and NRF can give no assurance that their expectations will be attained. Forward-looking statements are necessarily speculative in nature, and it can be expected that some or all of the assumptions underlying any forward-looking statements will not materialize or will vary significantly from actual results. Variations of assumptions and results may be material. Factors that could cause actual results to differ materially from NSAM's and NRF's expectations include, but are not limited to, NSAM's and NRF's liquidity and financial flexibility; NSAM's and NRF's future cash available for distribution; NSAM's and NRF's use of leverage; the impact of management's various roles across the companies and potential conflicts that may arise, whether NSAM and NRF will realize the anticipated benefits of the expanded management teams, including the potential enhancement of each company's competitive position and creation of shareholder value, and the anticipated strength, growth and success of NSAM's and NRF's business. Factors that could cause actual results to differ materially from those in the forward-looking statements are specified in NSAM's and NRF's Annual Reports on Form 10-K for the year ended December 31, 2014 and their other filings with the Securities and Exchange Commission. Such forward-looking statements speak only as of the date of this press release. Each of NSAM and NRF expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in its expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
SOURCE NorthStar Asset Management Group Inc.; NorthStar Realty Finance Corp.