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SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
SEPTEMBER 9, 1998
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Date of report (Date of earliest event reported)
SUNTERRA CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
Maryland 000-21193 95-4582157
(State or other Jurisdiction (Commission Title (IRS Employer
of Incorporation) Number) Identification Number)
1875 SOUTH GRANT STREET, SUITE 650
SAN MATEO, CALIFORNIA 94402
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(Address of Principal Executive Offices)
(650) 312-7171
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(Registrant's telephone number, including area code)
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ITEM 5. OTHER EVENTS
On September 9, 1998, Sunterra Corporation (the "Company") announced
the appointment of L. Steven Miller, formerly Chief Executive Officer of Resort
Condominiums International (RCI), as the Company's Chief Executive Officer and
President, effective October 1, 1998. The Company has also appointed Mr. Miller
to its Board of Directors (the "Board") and to the Executive Committee of the
Board. The Company also named Andrew Jody Gessow and Steven C. Kenninger,
currently the Company's Chief Executive Officer and President, respectively, as
Co-Chairmen of the Board. Osamu "Sam" Kaneko, currently the Company's Chairman
of the Board, will become a member of the Board's Executive Committee.
The Company also announced it will consolidate all corporate functions
from its San Mateo, California and Chicago, Illinois offices into its Orlando,
Florida headquarters by mid-1999. The Company further announced that due to
family considerations, its Chief Financial Officer, Mike Depatie, and its
Treasurer, Dewey Chambers, will not be moving from the San Francisco Bay Area to
Orlando. Messrs. Depatie and Chambers will direct the search for their
replacements and will remain with the Company through this transition period.
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Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
SUNTERRA CORPORATION
By: /s/ ANDREW D. HUTTON
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Name: Andrew D. Hutton
Title: Vice President,
General Counsel and Secretary
Dated: September 9, 1998
