CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

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CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
ITEM 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

On March29, 2019, CIM Commercial Trust Corporation (the “Company”) announced that David Thompson has been promoted and appointed to the position of Chief Executive Officer of the Company effective as of today. Mr.Thompson, 55, served as the Chief Financial Officer of the Company from March2014 until his appointment as Chief Executive Officer of the Company. Mr.Thompson is also a Principal and Chief Financial Officer of CIM Group, L.P., an affiliate of the Company (“CIM Group”) and serves on CIM Group’s Investment Committee. Prior to joining CIM Group, L.P. in 2009, Mr.Thompson spent fifteen years with Hilton Hotels Corporation, most recently as Senior Vice President and Controller, where he was responsible for worldwide financial reporting, financial planning and analysis, internal control and technical accounting compliance. Mr.Thompson’s experience includes billions of dollars of real estate acquisitions and dispositions, as well as significant capital markets experience. He began his career as a C.P.A. in the Los Angeles office of Arthur Andersen& Co. Mr.Thompson received a B.S. degree in Accounting from the University of Southern California.

There is no arrangement or understanding between Mr.Thompson and any other person to which he was appointed as Chief Executive Officer of the Company, nor is there any family relationship between Mr.Thompson and any of the Company’s directors or other executive officers. There are no transactions since the beginning of our last fiscal year, or any currently proposed transaction, in which we are a participant, the amount involved exceeds $120,000, and in which Mr.Thompson had, or will have, a direct or indirect material interest.

The Company announced that Nathan D. DeBacker, 39, has been appointed to the position of Chief Financial Officer of the Company effective as of today. Mr.DeBacker serves in the following positions for CCO Group, LLC, an affiliate of CIM Group (“CCO Group”), and certain other programs sponsored by CCO Group:

Entity

Position(s)

Dates

Cole Office& Industrial REIT (CCIT II),Inc.; Cole Office& Industrial REIT (CCIT III),Inc.; Cole Credit Property Trust IV,Inc., Cole Credit Property Trust V,Inc.; and CIM Income NAV,Inc. (f/k/a Cole Real Estate Income Strategy (Daily NAV),Inc.)

Chief financial officer and treasurer

August2016— Present

Cole Corporate Income Management II, LLC; Cole Corporate Income Management III, LLC; Cole REIT Management IV, Cole REIT Management V, LLC; CIM Income NAV Management, LLC (f/k/a Cole Real Estate Income Strategy (Daily NAV) Advisors, LLC); CCO Group, LLC; and CREI Advisors, LLC

Vice president

February2018 — Present

CCO Capital, LLC

Vice president Chief financial officer

December2018 — March2019 February2018 — December2018

March2019 — Present

From August2016 to February2018, Mr.DeBacker served as senior vice president and chief financial officer, Cole REITs, of VEREIT. Mr.DeBacker was the principal at CFO Financial Services, LLC, a certified public accounting firm that provided accounting, payroll, tax, forecasting and planning, business valuation and investment advisory services to business organizations, from May2014 until August2016 and sold his ownership interest in the assets of CFO Financial Services, LLC in March2017. He did not manage or otherwise provide any services with respect to any client accounts for CFO Financial Services, LLC from the time that he joined VEREIT in August2016 until the sale of his ownership interest in the assets of CFO Financial Services, LLC was finalized. Mr.DeBacker was also registered as an investment adviser representative with Archer Investment Corporation, an investment advisory firm that partners with accountants and CPAs to provide investment management solutions for their clients, from November2015 until August2016. From December2005 until May2014, Mr.DeBacker worked at Cole Capital, the predecessor to CCO Group, and, following the merger with VEREIT, most recently served as vice president of real estate planning and analysis. From 2002 until 2005, Mr.DeBacker worked as an auditor for the independent public accounting firm of Ernst& Young LLP. Mr.DeBacker earned his bachelor’s degree in accounting from the University of Arizona and is a Certified Public Accountant in Arizona.

There is no arrangement or understanding between Mr.DeBacker and any other person to which he was appointed as Chief Financial Officer of the Company, nor is there any family relationship between Mr.DeBacker and any of our directors or other executive officers. There are no transactions since the beginning of our last fiscal year, or any currently proposed transaction, in which we are a participant, the amount involved exceeds $120,000, and in which Mr.DeBacker had, or will have, a direct or indirect material interest.

The Company further announced that the Board of Directors of the Company and Charles E. Garner II mutually agreed to the resignation of Mr.Garner from his position as Chief Executive Officer of the Company effective as of today.

A copy of the Company’s press release announcing the appointments described above is attached as Exhibit99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

ExhibitNo.

Description

99.1

Press release, dated March29, 2019

CIM Commercial Trust Corp Exhibit
EX-99.1 2 a19-7430_1ex99d1.htm EX-99.1 Exhibit 99.1     CIM COMMERCIAL TRUST APPOINTS DAVID THOMPSON AS CHIEF EXECUTIVE OFFICER AND NATHAN DEBACKER AS CHIEF FINANCIAL OFFICER   DALLAS- (March 29,…
To view the full exhibit click here

About CIM COMMERCIAL TRUST CORPORATION (NASDAQ:CMCT)

CIM Commercial Trust Corporation is engaged in acquiring, owning and operating Class A office investments in urban communities throughout the United States. These communities are located in areas that include traditional downtown areas and suburban main streets. The Company operates in the business segments, including the acquisition, redevelopment, ownership and management of office real estate, multifamily real estate and hotels. Its real estate portfolio consists of over 30 assets. It has approximately 20 office properties (including over two parking garages and over two development sites), totaling approximately 5.6 million rentable square feet, which are approximately 86.9% occupied; multifamily properties, composed of over 930 units, which are approximately 92.4% occupied, and hotels, which have a total of approximately 1,070 rooms. Its office, multifamily and hotel assets are located in over 10 of the United States markets.