Ganzi will replace Thomas Barrack, who is executive chairman and CEO, but will remain chairman after 1 July.
Meanwhile Colony Capital said that it had defaulted on $3.2 billion of debt secured by hotels and healthcare-related properties, according to a filing with the Securities and Exchange Commission (SEC), the US financial regulator. Colony has also suspended dividend payments for the second quarter, it said, saying this is a “prudent” move during the Coronavirus pandemic.
Colony Capital is in the middle of a shift towards digital investments from its traditional focus on real estate.
“We are taking decisive action to preserve the financial flexibility and liquidity necessary to maintain the long-term resilience of our company, which in turn, benefits our customers, our communities, and our shareholders.” said Barrack. “The continued growth in the demand for digital infrastructure underscores the importance of our strategic pivot.”
The most significant investment in this area its joint purchase of Zayo with Swedish investor EQT for $14.3 billion.
Ganzi said: “As we navigate a shifting macro environment, we remain laser-focused on delivering for our customers and executing our strategy to simplify the business. We made some great progress in the quarter, most notably closing the Zayo acquisition.”
He added: “Between Digital Colony Partners, our flagship digital infrastructure fund and access to capital at our digital portfolio companies we have access to over $3 billion to play ‘digital offence’.”
At the same time as Ganzi arrives in the CEO’s office, new CFO Jacky Wu will replace Mark Hedstrom. Wu was CFO of car parts company Driven Brands until March 2020, but until 2015 he headed mergers and acquisitions at American Tower.
