Campus Crest, Clinton Group Agree On Settlement; New Officers and Directors Named

The Grove at Fort Collins, Colo., a Campus Crest property. The Grove at Fort Collins, Colo., a Campus Crest property.

Charlotte, N.C. — Campus Crest Group (CCG) has entered into an agreement with Clinton Group and its affiliated funds that will restructure the company's board of directors.

Under the agreement, Campus Crest has appointed Ray Mikulich, chairman of Altus Group Ltd., Curtis McWilliams, former president and CEO of CNL Real Estate Advisors, Inc., and former EDR executive Randall Brown to its board of directors. The appointments brings CCG's board to eight directors, all of whom are independent.  

In addition, CCG has appointed David Coles as interim chief executive officer and John Makuch as interim chief financial officer, bringing outside representatives to the company. Company veteran Aaron Halfacre remains as president and chief investment officer, while  Scott Rochon continues to serve as chief accounting officer. Coles and Makuch are both managing directors with Alvarez & Marsal, a management consulting firm that CCG has retained to help its ongoing efforts to "improve operational efficiency, drive profitable growth and deliver maximum shareholder value," according to a company statement. The company is also continuing to search for strategic, operational and financial alternatives to enhance shareholder value.

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