Sun Communities Inc. Appoints Robert Garechana as CFO, EVP & Treasurer

What Happened
Sun Communities, Inc. announced (filed Aug 25, 2026) that Robert A. Garechana will join the company as Chief Financial Officer, Executive Vice President and Treasurer, effective September 8, 2026. The company and Mr. Garechana executed a five-year employment agreement on August 24, 2026. Current CFO Fernando Castro-Caratini will move to an advisory role through October 31, 2026.

Key Details

• Start date: September 8, 2026; employment agreement dated August 24, 2026 with an initial five-year term and automatic one-year renewals.
• Compensation: $625,000 annual base salary and an annual cash bonus target of 150% of base salary.
• Equity grant: one-time restricted share award with a target grant date value of $2,500,000 (30% time-vests annually over 3 years; 70% performance-vests after 3 years based on company performance criteria).
• Severance/change-in-control protections: standard severance if terminated without cause or for good reason (1.5x salary + target bonus), 1x package on non-renewal, and 2x salary + target bonus on qualifying change-in-control terminations; accelerated or safeguarded equity vesting and potential continuation of health premiums (up to 18–24 months depending on scenario).
• Restrictive covenant: non-compete for up to 18 months after employment (12 months if termination due to non-renewal).

Why It Matters
A CFO change is material for investors because the CFO oversees financial reporting, capital allocation and investor communications. Mr. Garechana’s pay package (base salary, a large equity grant and robust severance/change-in-control protections) creates potential near-term compensation expense and long-term equity dilution tied to performance vesting. The overlap with the outgoing CFO in an advisory role through October 31, 2026 may support a smoother transition.