CNL Financial Group has announced that 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. Bhavsar will oversee all of CNL’s private capital investments, financial management and other corporate services.
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.
Mauldin joined CNL in 2011 as president and COO 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, and brings a deep understanding of debt and capital markets to his new role. He also served as chief financial officer and COO of Corporate Capital Trust, a CNL-sponsored business development company 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.
These announcements follow the resignations of two CNL executives who are leaving to pursue business and personal interests.
Thomas Sittema is stepping down from his role as CEO for CNL Financial Group. Sittema joined CNL in 2009 following a successful 27-year banking career with Bank of America Merrill Lynch and Bank of America.
Tracy Schmidt, CNL’s enterprise chief financial officer and group president for alternative investments also resigned from the company. Schmidt joined CNL in 2004 as the company’s chief financial officer after spending 24 years working with Federal Express.
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.
