Sachem Capital Corp. Announces Chief Financial Officer Transition
Sachem Capital Corp. (NYSE: SACH) announced a leadership transition as CFO Nicholas Marcello resigns to pursue opportunities outside the REIT industry. Board member Jeffrey C. Walraven has been appointed as Interim CFO, effective immediately. Marcello will assist with the transition through December 31, 2024.
The company confirms no disagreements regarding financial reporting or accounting practices. Walraven, who will remain on the board but resign from various committees, brings extensive REIT experience, having served as COO of Freehold Properties and previously as EVP and CFO of MedEquities Realty Trust. He has over 20 years of public accounting experience, particularly with publicly traded REITs.
Sachem Capital Corp. (NYSE: SACH) ha annunciato un cambiamento nella leadership, con le dimissioni del CFO Nicholas Marcello che lascia per perseguire opportunità al di fuori del settore REIT. Il membro del consiglio Jeffrey C. Walraven è stato nominato CFO ad interim, con effetto immediato. Marcello assisterà nella transizione fino al 31 dicembre 2024.
La società conferma di non avere disaccordi riguardo al reporting finanziario o alle pratiche contabili. Walraven, che rimarrà nel consiglio ma si dimetterà da vari comitati, porta con sé un'ampia esperienza nel settore REIT, avendo ricoperto in precedenza il ruolo di COO presso Freehold Properties e, in precedenza, di EVP e CFO di MedEquities Realty Trust. Ha oltre 20 anni di esperienza nella contabilità pubblica, in particolare con REIT quotati in borsa.
Sachem Capital Corp. (NYSE: SACH) anunció una transición en el liderazgo, ya que el CFO Nicholas Marcello renuncia para perseguir oportunidades fuera de la industria REIT. El miembro de la junta Jeffrey C. Walraven ha sido nombrado CFO interino, con efecto inmediato. Marcello ayudará con la transición hasta el 31 de diciembre de 2024.
La empresa confirma que no hay desacuerdos en relación con los informes financieros o las prácticas contables. Walraven, quien permanecerá en la junta pero renunciará a varios comités, aporta una amplia experiencia en REIT, habiendo sido COO de Freehold Properties y anteriormente EVP y CFO de MedEquities Realty Trust. Tiene más de 20 años de experiencia en contabilidad pública, particularmente con REITs que cotizan en bolsa.
사켐 캐피탈 주식회사(Sachem Capital Corp., NYSE: SACH)는 CFO인 니콜라스 마르첼로가 REIT 산업 외부의 기회를 추구하기 위해 사임함에 따라 리더십 전환을 발표했습니다. 이사인 제프리 C. 월라븐이 즉시 효력이 발생하는 임시 CFO로 임명되었습니다. 마르첼로는 2024년 12월 31일까지 전환을 도울 예정입니다.
회사는 재무 보고나 회계 관행에 대한 이견이 없음을 확인했습니다. 월라븐은 이사회에 남아 있지만 여러 위원회에서 사퇴할 예정이며, 이전에 프리홀드 프로퍼티의 COO와 메드이퀴티 리얼티 트러스트의 EVP 겸 CFO로 근무하였던 방대한 REIT 경험을 갖추고 있습니다. 그는 상장 REIT에서 특히 20년 이상의 공공 회계 경험을 가지고 있습니다.
Sachem Capital Corp. (NYSE: SACH) a annoncé une transition au niveau de la direction, le CFO Nicholas Marcello démissionnant pour poursuivre des opportunités en dehors de l'industrie des REIT. Le membre du conseil, Jeffrey C. Walraven, a été nommé CFO par intérim avec effet immédiat. Marcello aidera à la transition jusqu'au 31 décembre 2024.
La société confirme qu'il n'y a pas de désaccords concernant la communication financière ou les pratiques comptables. Walraven, qui restera au conseil mais démissionnera de divers comités, apporte une vaste expérience dans le domaine des REIT, ayant été COO de Freehold Properties et précédemment EVP et CFO de MedEquities Realty Trust. Il possède plus de 20 ans d'expérience en comptabilité publique, notamment avec des REIT cotés en bourse.
Sachem Capital Corp. (NYSE: SACH) hat einen Führungswechsel bekannt gegeben, da CFO Nicholas Marcello zurücktritt, um Chancen außerhalb der REIT-Branche zu verfolgen. Vorstandsmitglied Jeffrey C. Walraven wurde mit sofortiger Wirkung zum Interim CFO ernannt. Marcello wird bis zum 31. Dezember 2024 bei der Übergabe unterstützen.
Das Unternehmen bestätigt, dass es keine Meinungsverschiedenheiten bezüglich der Finanzberichterstattung oder der Rechnungslegungspraktiken gibt. Walraven, der im Vorstand bleibt, aber aus verschiedenen Komitees zurücktritt, bringt umfangreiche Erfahrung im REIT-Bereich mit, da er zuvor COO von Freehold Properties und zuvor EVP und CFO von MedEquities Realty Trust war. Er verfügt über mehr als 20 Jahre Erfahrung in der öffentlichen Rechnungslegung, insbesondere mit börsennotierten REITs.
- Seamless transition plan with outgoing CFO available through December 31
- Appointment of experienced interim CFO with extensive REIT and public accounting background
- No disagreements regarding financial reporting or accounting practices
- Unexpected departure of CFO requiring immediate search for permanent replacement
- Potential governance concerns with interim CFO maintaining board position while serving as executive
Insights
The CFO transition at Sachem Capital presents minimal operational risk given the structured handover and the appointment of a highly qualified interim CFO. Jeffrey Walraven brings extensive REIT expertise, particularly in capital markets and financial operations, which is important for maintaining Sachem's lending operations. His background with multiple REITs and public accounting experience suggests strong capability in maintaining financial oversight during the transition.
The outgoing CFO's amicable departure and confirmation of no disagreements regarding financial reporting provides reassurance about the company's accounting practices. The existing strong finance team and Walraven's deep industry knowledge should ensure continuity in financial operations and reporting during the search for a permanent CFO.
Appoints Jeffrey C. Walraven Interim Chief Financial Officer
BRANFORD, Conn., Dec. 13, 2024 (GLOBE NEWSWIRE) -- Sachem Capital Corp. (NYSE: SACH) (the “Company”), a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property, announced today that it is appointing board of directors’ member and audit committee member Jeffrey C. Walraven, Interim Chief Financial Officer. Nicholas Marcello, the Company’s Chief Financial Officer, informed the Company that he was resigning to pursue a non-REIT industry opportunity. Mr. Marcello will remain available through December 31, 2024 to provide assistance to ensure a successful and seamless transition. The Company confirms that there are no disagreements with Mr. Marcello regarding the accuracy of the Company's financial reporting or accounting practices. The Company will begin its search for a new Chief Financial Officer immediately. Mr. Walraven will remain a member of the Company’s board of directors, but will resign as a member of the Audit, Compensation and the Nominating and Corporate Governance committees effective immediately.
“Over the past few years, we have significantly strengthened our finance and accounting teams, and we believe our audit committee co-chair, with extensive financial and mortgage REIT experience, will serve the Company well during the search for a permanent replacement,” stated John L. Villano, President and Chief Executive Officer of Sachem Capital. “Nick has been an important part of the Company’s evolution since he joined Sachem more than four years ago, helping to scale the Company, improve its financial and capital markets strategies while leading the effort to develop a strong financial team. On behalf of the board of directors and personally, I want to wish Nick great success in his new endeavor.”
Mr. Marcello said, “I am proud of all that we have accomplished during my time with the Company, and I can’t thank them enough for the opportunity they’ve provided me. Sachem has an incredibly talented team and I’m grateful to have worked alongside each of them to help the Company work towards its strategic and financial goals.”
Mr. Walraven has extensive experience with private and public real estate companies working on matters including capital markets, accounting and finance. Mr. Walraven has served as the Chief Operating Officer, a director and co-founder of Freehold Properties, Inc., a REIT that historically financed cannabis-related real estate, since its formation in May 2019, and has since transitioned its portfolio acquisition focus in 2024 to capital finance of premium vineyard real estate.
He has also served as an independent director and member of the audit committee of Broad Street Realty, Inc. (OTCQX: BRST), a real estate company that owns, operates, develops, and redevelops primarily essential grocery-anchored shopping centers and mixed-use properties, since 2023. From January 2014 to May 2019, Mr. Walraven served as Executive Vice President and Chief Financial Officer of MedEquities Realty Trust, Inc. (formerly, NYSE: MRT), an internally managed healthcare REIT that was initially funded privately in July 2014, completed an initial public offering on the New York Stock Exchange in September 2016 and was subsequently sold to Omega Healthcare Investors, Inc. in May 2019.
From 2006 to 2013, Mr. Walraven held several positions with BDO USA, LLP, most recently as an assurance managing partner of the Memphis office, where his primary responsibilities included providing core and peripheral assurance services and business operational and tax consulting services. Mr. Walraven has over 20 years of public accounting experience, serving many public REIT clients since 1999. Mr. Walraven worked extensively with publicly traded companies on all aspects of compliance with Securities and Exchange Act filings, including quarterly, annual and special reports, and compliance relating to acquisitions, dispositions and securities offerings. Mr. Walraven has had signing engagement partner responsibility for numerous public and private securities offerings by REITs and other clients, including initial public offerings, secondary offerings and private placements.
Mr. Walraven holds a Bachelor’s degree in Financial Management from Bob Jones University and a Masters of Professional Accountancy from Clemson University. Additionally, Mr. Walraven previously held his CPA license in multiple states.
About Sachem Capital Corp
Sachem Capital Corp. is a mortgage REIT that specializes in originating, underwriting, funding, servicing, and managing a portfolio of loans secured by first mortgages on real property. It offers short-term (i.e., three years or less) secured, nonbanking loans to real estate investors to fund their acquisition, renovation, development, rehabilitation, or improvement of properties. The Company’s primary underwriting criteria is a conservative loan to value ratio. The properties securing the loans are generally classified as residential or commercial real estate and, typically, are held for resale or investment. Each loan is secured by a first mortgage lien on real estate and is personally guaranteed by the principal(s) of the borrower. The Company also makes opportunistic real estate purchases apart from its lending activities.
Forward Looking Statements
This press release may contain forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations and financial position, strategy and plans, and our expectations for future operations, are forward-looking statements. Such forward-looking statements are subject to several risks, uncertainties and assumptions as described in the Annual Report on Form 10-K for 2023 filed with the U.S. Securities and Exchange Commission (the “SEC”) on April 1, 2024 and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 filed with the SEC on August 14, 2024. Because of these risks, uncertainties and assumptions, any forward-looking events and circumstances discussed in this press release may not occur. You should not rely upon forward-looking statements as predictions of future events. Neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company disclaims any duty to update any of these forward-looking statements. All forward-looking statements attributable to the Company are expressly qualified in their entirety by these cautionary statements as well as others made in this press release. You should evaluate all forward-looking statements made by the Company in the context of these risks and uncertainties.
Investor & Media Contact:
Email: investors@sachemcapitalcorp.com
FAQ
Why is Sachem Capital's (SACH) CFO Nicholas Marcello leaving?
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When will Nicholas Marcello's transition period end at SACH?
What is Jeffrey Walraven's experience in the REIT industry?
Will SACH's interim CFO Walraven maintain his board position?
