iStar Financial (STAR) Taps STAG Industrial's Jervis as COO, CFO

May 24, 2016 8:04 AM EDT

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iStar Inc. (NYSE: STAR) announced that Geoffrey G. Jervis is joining iStar as its new Chief Operating Officer and Chief Financial Officer, effective June 15, 2016. Mr. Jervis brings with him an extensive background in corporate and real estate finance, strategic planning, risk and operations management, and public REIT accounting.

"I am delighted to welcome Geoffrey Jervis to iStar where his combined role will be instrumental to the success of the new iStar 3.0 strategy," said Jay Sugarman, iStar's Chairman and Chief Executive Officer. "Geoff's ability to lead multiple day-to-day functions in a dynamic business will help unlock the potential of our adaptive REIT strategy."

"This is a very exciting time to join iStar," Mr. Jervis said. "iStar has announced a new vision for generating attractive risk-adjusted returns from its platform, and I look forward to being a part of that vision."

Mr. Jervis will succeed David DiStaso, who has served as iStar's CFO since 2010 and prior to that served as Chief Accounting Officer. Mr. DiStaso will remain available as a senior advisor through December 31, 2016 to assist the company with the transition.

"Dave's deep commitment to iStar has been important to everything we achieved during his tenure as CFO," said Mr. Sugarman. "We appreciate all he has done to help chart the company's path to this point."

Mr. Jervis brings significant experience as a public company executive in the real estate sector. He most recently served as the CFO of STAG Industrial, Inc. (NYSE: STAG) and prior to that he was the CFO at Blackstone Mortgage Trust, Inc. and its predecessor Capital Trust Inc.

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