EXHIBIT 99
FOR IMMEDIATE RELEASE CONTACT: LIN MORISON
CEO
407-532-1000
SUNTERRA CORPORATION ANNOUNCES EXECUTIVE MANGEMENT CHANGES
ORLANDO, FLORIDA (JUNE 16, 2000) - Sunterra Corporation (NYSE: OWN) today
announced the promotion of two senior executives: Keith J. Brown to the position
of Treasurer and Sandra K. Michel to the position of General Counsel.
The Company also announced the resignation of Richard Goodman as Chief
Financial Officer and Carol Sullivan as Treasurer. Both will remain with the
Company in transitional capacities over the next several weeks.
Ms. Michel takes over as General Counsel from Tom Bell, who remains with
the Company as Senior Vice President for Governmental Affairs.
In commenting on these changes, Lin Morison, CEO, said, "Richard and
Carol have both made significant contributions to the Company over the last two
years, and we regret that they are leaving. We thank them for their tireless
efforts and wish them well in their future endeavors."
"At the same time, I am very pleased to have Keith Brown, who has served
the Company in a variety of senior operating roles and who came to us with
extensive banking experience, take on additional responsibilities as Treasurer.
Keith will continue as General Manager of Sunterra Financial Services, which
handles the operational aspects of our mortgages receivable portfolio. I am also
pleased to promote Sandy Michel, who has served over the past year as Deputy
General Counsel and who has played an increasingly important role in the
business and legal affairs of the Company.
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Keith Brown spent 23 years in the commercial banking business prior to
joining Sunterra in 1997 as VP marketing. Most recently, he was President/CEO of
First Midwest Bank/Illinois, a community bank located in the Chicago suburbs.
Before joining FMB, Keith spent 20 years at First Chicago (now BancOne) in
Chicago, in a wide variety of management positions in investment management,
private banking, bankcards, cash management, and retail banking, including
division President in community banking. He received an MBA from the University
of Chicago in 1975.
Prior to joining Sunterra, Ms. Michel was Senior Counsel and Assistant
Secretary at W. R. Grace & Co., where she handled a wide variety of
international real estate and corporate transactional matters since 1991. From
1980 to 1991, she was in private law practice in New York and South Florida,
specializing in real estate related transactions and financings. Ms. Michel
earned her Bachelor of Business Administration degree, MAGNA CUM LAUDE, from the
University of Miami in 1977 and her Juris Doctorate degree, also from the
University of Miami in 1980.
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