Press Release: Sunterra Corporation
February 20, 2002
ORLANDO, FL -- Sunterra Corporation announced that it had appointed Paula Woodgate as CEO of its European subsidiary,
Sunterra Europe (Group Holdings) plc. Woodgate will fill the position vacated by Nick Benson last November when
he became CEO and President of Sunterra Corporation and she will take over at the beginning of March 2002. Prior
to this appointment, Woodgate was managing director for Interval International's European operations which included
responsibility for the Middle East and Africa. She had previously held senior positions with Marriott Vacation
Club International and the Four Seasons Resort Group
According to Benson, ``this appointment fills a key vacancy in our highly succesful European operation. I have
known Paula for many years and respect both her knowledge of the industry and our business as well as her intellect
and energy. She is an outstanding and capable leader and will be a real asset to the company as we continue our
drive for growth and profits in Europe and beyond''. Woodgate added: ``This is a wonderful opportunity to join
a market leading company. I am excited about the opportunities which I will have to continue to develop what is
certainly the most effective points-based timeshare system in Europe today. Sunterra has an outstanding team of
professionals here in Europe and in the USA and I am looking forward to working closely with them as we execute
our business plan''.
Sunterra also announced that it had appointed Michael Hall as President of its Las Vegas based finance subsidiary,
Sunterra Financial Services, Inc. Hall will join Sunterra at the beginning of March from Del Webb Corporation where
he was president of Del Webb Mortgage Corporation. Prior to that he had held senior positions with PNC Mortgage
Corporation of America and Pulte Mortgage Corporation. Benson commented, ``Mike Hall is a first class candidate
for this important position. He has a great depth of experience in the mortgage business and is ideally suited
to take on this crucial role in Sunterra''. Hall added, ``I think Sunterra is a company with excellent prospects.
I am very pleased to be taking on this challenging new appointment and I believe my experience of working with
captive finance companies, allied to my background in the mortgage business is well suited to continuing the good
work already undertaken by the Sunterra Financial Services team.''
Sunterra Corporation is one of the world's largest vacation ownership companies, with owner families and resorts
in North America, Europe, the Pacific, the Caribbean and Japan.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS. Certain statements in this release constitute forward-looking
statements subject to the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include those regarding Sunterra's proposed plan of reorganization, possible changes
to Sunterra's financial statements and other matters. Actual results or developments may differ from those provided
for in any of the forward-looking statements.
SOURCE: Sunterra Corporation