CNL’s Tom Sittema Resigns as CEO

CNL Financial Group, a private investment management firm and alternative investment sponsor, announced that Thomas Sittema is stepping down as chief executive officer. Tracy Schmidt, the company’s enterprise chief financial officer and group president for alternative investments, also resigned from the company. The two executives are leaving to pursue business and personal interests.

The leadership changes are effective at year-end, but both Sittema and Schmidt will be available to consult with CNL through the first quarter of 2018.

Sittema joined CNL in 2009 following a 27-year banking career with Bank of America Merrill Lynch and Bank of America. Schmidt joined CNL in 2004 as the company’s chief financial officer after spending 24 years working with Federal Express.

To replace Sittema, Stephen Mauldin and Chirag Bhavsar have been named as co-CEOs of the company. Mauldin will oversee all real estate investments, legal, and other corporate functions, and Bhavsar will oversee all of CNL’s private capital investments, financial management and other corporate services.

“I deeply appreciate the contributions made by Tom and Tracy to our company’s success, and I look forward to working closely with Steve and Chirag as we prepare for the next cycle of opportunity to benefit our investors,” said Seneff.

Mauldin and Bhavsar will have joint responsibility for CNL’s sales functions and both will report directly to CNL’s founder and executive chairman, James Seneff. Seneff will continue to oversee the company’s long-term strategy and vision as Mauldin and Bhavsar manage the company’s day-to-day operations.

Sittema also served as chairman of the boards of non-traded business development company Corporate Capital Trust II, and non-traded REITs CNL Healthcare Properties and CNL Healthcare Properties II. Bhavsar was appointed chairman of Corporate Capital Trust II, Seneff will serve as chairman of CNL Healthcare Properties, and Mauldin will serve as chairman of CNL Healthcare Properties II.

Mauldin joined CNL in 2011 as president and chief operating officer of CNL Lifestyle Properties and CNL Healthcare Properties. Currently, he is group president and executive leader for all CNL real estate focused funds. Mauldin received his MBA from Northwestern University’s Kellogg Graduate School of Management, holds a bachelor’s degree in finance from the University of Tampa, and has more than 20 years of real estate investment experience.

Bhavsar has spent the last 16 years working with CNL-affiliated companies, and has a strong banking and financial services background. He served as chief financial officer for three different banks, including CNL Bank. He also served as chief financial officer and chief operating officer of Corporate Capital Trust, a BDC that was just listed on the New York Stock Exchange. He holds master’s and bachelor’s degrees in accounting from the University of Florida.

CNL Financial Group was founded in 1973, and together with its affiliates, have formed or acquired companies with more than $34 billion in assets. The company is headquartered in Orlando, Florida.

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