Sun Communities (SUI) Announces CFO Succession

Sun Communities, Inc. (NYSE: SUI) (the “Company”) today announced its planned Chief Financial Officer succession, with Fernando Castro-Caratini, current Senior Vice President, Finance & Capital Markets, assuming the role of Executive Vice President, Chief Financial Officer on May 2, 2022.

At that time, Karen Dearing, the Company’s current CFO, will begin serving as Executive Vice President, Special Projects, focusing on the integration of the Company’s UK acquisitions and other key initiatives.

Gary Shiffman, Chief Executive Officer, stated, “I am excited to announce this next step in the Company’s evolution. Karen Dearing has served as our CFO over the last 14 years, during the most transformational period in our history. She has played an integral role in the success of the strategic opportunities we have chosen to pursue and built a tremendous team of accounting and finance professionals on whom we rely. Karen’s depth and breadth of experience over nearly 25 years with Sun, uniquely position her to lead our UK integration efforts and continue her active role on our executive team.”

He added, “In his current role, Fernando has been a key member of Sun’s leadership team. As we planned for this succession, Karen and Fernando have worked closely over the years to ensure a smooth transition and thorough transfer of knowledge. Fernando’s leadership and vision have been, and will be, integral to the Company as we continue to execute on our strategic plan.”

Ms. Dearing said, “I am extremely proud of the accomplishments of the dedicated teams I have had the privilege of working with during my tenure as CFO and have the utmost confidence in their continued success. As I look to the future, I am energized by the opportunity we see in the UK market and am pleased to be able to focus additional attention to ensure a successful integration and execution of our strategy. I also look forward to continuing to advise the Sun teams focused on our DEI efforts and the implementation of a new ERP system, while ensuring a smooth CFO transition.”

Fernando Castro-Caratini joined Sun Communities in November 2016 and currently serves as Senior Vice President, Finance & Capital Markets. In this role, Mr. Castro-Caratini has set operational, financial, corporate M&A, and public communication strategies in addition to managing Sun’s investor, research analyst, investment bank and lender relationships. Before joining Sun, Mr. Castro-Caratini was with Citigroup in the Real Estate & Lodging Investment Banking group where he executed on a broad range of transactions for real estate and lodging clients focusing primarily on strategic advisory, including M&A and initial public offerings. Mr. Castro-Caratini received a B.A. from Washington University in Saint Louis, and an MBA from New York University’s Stern School of Business.

Mr. Castro-Caratini stated, “I am extremely privileged to step into the Chief Financial Officer role at a time of tremendous opportunity for Sun. We will continue to build on what we have accomplished as a team and deliver excellent performance to all stakeholders. I would like to thank Karen for her guidance and friendship.”

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