CNL Gets Upper Management Overhaul, Appoints New CEO, COO, and CFO

CNL Lifestyle Properties’ upper management is getting revamped, as the boards of directors recently appointed a new president and chief operating officer, chief executive officer, and chief financial officer.

Steve Mauldin, who has more than 20 years of experience in real estate finance, investment, and asset management, has been named the new president and COO of CNL. Previously, he served as president and CEO of Charlotte, N.C.-based Crosland, LLC, a real estate development and asset management company.

“I am deeply impressed with the leadership team at the Companies, as well as CNL Financial Group,” said Mauldin. “I’m excited to have the opportunity to apply my expertise in capital markets and commercial real estate as we grow CNL Properties Trust and examine ways to maximize value for CNL Lifestyle Properties shareholders.”

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Former CEO Byron Carlock is leaving the company and is being replaced by Tom Sittema, who has been with CNL since 2009. Prior to joining CNL, Sittema worked with Bank of America Merrill Lynch and its predecessors for more than 27 years, most recently as managing director and head of real estate investment trusts (REITs) and lodging investment banking.

“Byron was instrumental in growing the CNL Lifestyle Properties portfolio to over $3 billion in assets, as well as launching CNL Properties Trust,” said Sittema. “With CNL Lifestyle Properties having closed to new investors in April and CNL Properties Trust having just recently been declared effective with its first offering, the need to have an Orlando-based executive leading the Companies became more important.  For personal and family reasons, Byron was unable to relocate.”

Carlock will remain as an advisor to CNL through the end of the year.

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Effective August 5, Joe Johnson was promoted to CFO. Johnson had been with the company since 2001, and previously served as senior vice president and chief accounting officer.

Sittema’s and Mauldin’s appointments become effective on September 1, 2011.

Written by Alyssa Gerace

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