Principal Financial Officer – Something Has to Give
Last year a number of REIT IPOs did not get off the ground as the equity-capital markets were not ready to support the transition of many of the private real estate enterprises apiring to enter the public market. However, the tide is turning and a number of IPOs are lining up to take the plunge into the public arena. For most real estate entrepreneurs, the transition is a shock to their system and a difficult adjustment to the world of analysts, research, Sarbanes-Oxley, and quarterly reporting. In order to navigate in this new world, the chief financial officer is central to the IPO process and the ongoing business of being public. As “principal financial officer” a seasoned and experience public company CFO charts the course for the company in dealing with the analysts, and managing shareholder, institutional and retail investor relations. The catch is that the stock of candidates with the combination of public-company and real estate experience is skimpy, at best. I expect that as the REIT market expands we are going to see more CFOs from outside of the real estate industry. This is problematic for many executives who view industry knowledge as a critical component of the CFO job description.
Tony LoPinto is a senior client partner and head of Korn//Ferry International’s Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.
WILLIAMS & WILLIAMS
Vice President of Asset Management
(DALLAS) The firm seeks an executive that can re-engineer a scalable customer support and operations division and spearhead business innovation and process improvement throughout our operational divisions. The candidate must have 10 years of operations with an emphasis in process development/process reengineering in an asset management setting.
GRUBB & ELLIS
Vice President, Investor Finance
(SANTA ANA, CA) This positions is responsible for strategizing with the head of asset management and MD, structured finance to determine goals and initiatives for investor finance. They are also responsible for implementing and overseeing investor finance objectives and strategic projects on behalf investment management and our clients.
GREYSTAR INVESTMENT GROUP
Director of Development
(AUSTIN, TX) The director supports the execution of the company’s development platform by orchestrating the entire development process from start to finish. This includes overseeing all aspects of land acquisition and due diligence, preparing appropriate documents to facilitate the underwriting and closing of real estate transactions, managing a team of third party consultants through project design, and monitoring the construction process to ensure projects are built in a timely manner, designed according to plan and within budget.
LOWE ENTERPRISES
Property Assistant
(ARLINGTON, VA) The property assistant must be a first-level portfolio invoice processor. Duties include responding to all vendors regarding payables questions/issues and monthly tracking utilities invoices and sending copies to the building’s chief engineer.
THE LYND CO.
Regional Association Manager
(MIAMI) The regional association manager is responsible for overseeing the operations of a portfolio of properties in an efficient and value enhancing manner that is consistent with the overall strategic plan for each property.
AMERICAN REALTY ADVISORS
Senior Acquisition Officer
(LOS ANGELES) Candidates must have least 10 to 15 years of commercial real estate experience, with at least five years of recent institutional investment experience. Those with additional career exposure to portfolio management, asset management, development and/or appraisal are preferred.
ARBOR COMMERCIAL MORTGAGE, LLC
Closing Coordinator
(NEW YORK CITY) The main function of this position will be the timely closing and delivery of multifamily and commercial transactions. Duties include: coordination of the closing process including preparation of closing and funding documentation.
HEI HOTELS & RESORTS
Manager of Corporate Finance
(NORWALK, CT) The manager, corporate finance will contribute significantly to the execution of a wide variety of corporate finance functions, as well as the day-to-day management of hotel investments. They will be responsible for directly assisting the vice president, corporate finance and chief financial officer across all areas of corporate Finance.
No more than one submission per company will be considered per week.
Submissions with multiple names will be capped at three for coverage in Executive Watch.
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GROSVENOR FUND MANAGEMENT
(LONDON) Grosvenor appointed Jeffrey Weingarten to the role of chief executive of Grosvenor Fund Management. He joined GFM as non-executive chairman in September 2010, following two years as a consultant to the business.
NEWMARK KNIGHT FRANK RETAIL
(NEW YORK CITY) Marc D. Frankel, formerly managing director, was promoted to senior managing director. Jason Maurer promoted to managing director, was formerly a director. Benjamin Birmbaum was promoted to director from associate director.
ESSEX REALTY GROUP
(CHICAGO) Essex named James Darrow, Douglas Fisher and Matthew Welke as principals of the firm. Darrow joined the firm in 1998, Fisher in 2002 and Welke in 2004.
ARBOR COMMERCIAL MORTGAGE
(UNIONDALE, NY) Arbor Commercial Mortgage promoted Ken Fazio to senior vice president, national production manager. He previously held the title of vice president, national sales manager.
THE HOGAN COS.
(ANNAPOLIS, MD) Hogan promoted Jake Ermer to the role of vice president. Since joining the firm as a land and commercial broker, he has been involved with the closing of real estate transactions encompassing a variety of asset classes with an aggregate value of over $10 million dollars.
No more than one submission per company will be considered per week.
Submissions with multiple names will be capped at three for coverage in Executive Watch.
JONES LANG LASALLE
(CHICAGO) Lang LaSalle announced it has bolstered the firm’s healthcare solutions platform with the hiring of Scot Latimer to lead the firm’s capital asset strategy business. Trained as an architect, Latimer has been active throughout his career with the AIA Academy of Architecture for Health, assuming progressive levels of leadership within the organization and eventually serving as its president.
COLLIERS INTERNATIONAL
(SEATTLE) A. Dwight Hotchkiss will join the firm on Feb. 1 as executive managing director of client services. Hotchkiss brings to Colliers International more than 20 years’ experience, all with Cushman & Wakefield.
CALKAIN COS.
(RESTON, VA) Winston Orzechowski was hired for the newly formed position of research director by the firm. He has a strong background in real estate data collection and dissemination.
FRANKLIN STREET
(FORT LAUDERDALE, FL) The firm hired Doug Driver as a senior director in the real estate services division. He was previously the founder and president of the Meridian Companies, where he managed more than 75 commercial real estate agents, construction personnel and support staff.
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