Activist Investor Seeks to Oust Tom Barrack as Colony Capital CEO

An activist investor is trying to remove Colony Capital Inc.’s chief executive Thomas Barrack Jr., citing poor stock performance and an investigation into President Donald Trump’s inaugural committee, which Mr. Barrack chaired.

Blackwells Capital LLC, which owns 1.85% of Colony’s shares, on Tuesday released a public statement calling on shareholders to vote to remove Mr. Barrack from the real-estate investment firm. Blackwells said it plans to nominate five new board members.

The move comes as Colony continues to struggle with the fallout from a 2017 merger with NorthStar Asset Management Group Inc. and NorthStar Realty Finance Corp. The company’s share price is down by almost two thirds since the merger, and has fallen by almost 20% over the past two months.