Parachutes
Over the past week, numerous articles have been written about the huge severance packages paid to departing executives. The hubbub has been sparked by the announcement that Nabors Industries' 81-year-old chief executive, Eugene Isenberg, is receiving a $100 million "severance-like" payment, but he isn't leaving the company. Instead, he is stepping down as CEO, an action which triggered a clause in his contract to receive the payment. You got it, an 81 year old was finally asked by its board to step down – and he received $100 million in return! Big severance packages – like the $140-million payment to Michael Ovitz in 1997 after his brief stint as president of The Walt Disney Co. – have sparked corporate-governance controversies in the past. Robert Nardelli received an exit package valued at $210 million, including $20 million in cash, when he left The Home Depot, Inc. in early 2007. More recently, Leo Apotheker received more than $13 million when he was booted by the HP Board, and Carol Bartz received more than $10 million when she was ousted by Yahoo. Yours truly is not terribly sympathetic with the protesters camping out on Wall Street because I am not sure (nor do I think they are) what aspect of the financial services business they are protesting against. However, when I see tens of millions of dollars being coughed up for failures, and egregious financial packages paid to people like Isenberg, I feel like protesting as well.
Tony LoPinto is the Global Sector Leader of Korn/Ferry International's Real Estate Practice and founder of SelectLeaders. The views expressed in this article are the author’s own.
ROSS STORES
Commercial Underwriter
(MILL VALLEY, CA) Job responsibilities include preparing loan underwriting packages for credit committee approval and undertaking detailed due diligence of property operating statements, tenant leases, and market performance reports.
LUCENT CAPITAL
Real Estate Capital Advisory Originator
(BEVERLY HILLS, CA) Lucent seeks to hire associates who have the highest ethical standards and work ethic in the industry. The successful candidate(s) for this position will have a strong network of investors, developers and capital providers and experience in real estate capital markets.
INTER-CAL REAL ESTATE
Commercial Retail Property Manager
(SACRAMETO, CA) Our new property manager will directly oversee all aspects of property management for assigned properties, including operational, financial and administrative and marketing duties.
AMB Property Corporation
Manager of Operations
(DENVER) This position will be in our renewable energy group within North America. Primary responsibilities include business development, project due diligence, contract review and negotiation, asset management and other tasks as assigned.
PRUDENTIAL
Investment Operations Senior Specialist
(ORLANDO) The firm has an opening for an agriculture investment operations professional in its Southeast Regional office. Duties include general office tasks and work on agricultural loans.
CENTERLINE CAPITAL GROUP
Senior Vice President of Fund Management
(NEW YORK CITY) The primary responsibility is the investment structuring and ongoing fund management to maximize investor returns.
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Senior Vice President, Dallas Property Management
(DALLAS) This position is responsible for oversight of all property management functions, client relationship management and new business development for Jones Lang LaSalle's DFW property management business Unit.
FORTRESS INVESTMENT GROUP
Real Estate Associate
(NEW YORK CITY) Among the real estate associate's duties include determining office space planning, maintain seat counts, create floor plans, and track leases and working with team members on the development of new construction projects, reconfigurations and move/adds/changes.
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.
MARCUS & MILLICHAP
(DETROIT) Marcus & Millichap Real Estate Investment Services, the nation's largest real estate investment services firm, has promoted Andrew S. Daitch to first vice president investments. Most recently, Daitch held the title of vice president investments.
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.
CALKAIN COS.
(TAMPA, FL) Calkain Companies announced today that Scott Black has joined Calkain as an associate to service the company and its clients in the Southeast US. Prior to Scott's appointment to Calkain he held leadership and management positions servicing clients such as Mercedes, Ford, Yamaha and several national healthcare equipment manufacturers.
BRIXMOR PROPERTY GROUP
(NEW YORK CITY) Brixmor Property Group announced the appointment of Thomas W. Litzler as senior vice president, Central Region. Based in Chicago. Litzler will serve as the asset manager for the region; directing leasing, property operations, and redevelopment activity for 11.7 million square feet of retail in the Midwest. He was formerly executive vice president development and new business initiatives at Ramco-Gershenson Properties Trust.
NEWMARK KNIGHT FRANK
(NEW YORK CITY) Arthur Bocchi has joined Newmark Knight Frank as a senior managing director. Most recently with Paramount Group, he oversaw an eight-million-square-foot portfolio, completing significant leases with Allianz, Time Warner Cable, Showtime Networks and AIG.
CARE STRATEGIES
(BORDENTOWN, NJ) Mary Ann Barbato was named vice president of assisted living for Care Strategies, LLC, a -based provider of geriatric and adult health services. She formerly served as administrator of CareOne at Wall, in Wall Township, NJ, and held the positions of director of nursing and regional director of assisted living facilities with the company.
ZIFKIN REAL ESTATE GROUP
(CHICAGO) Jason M. Mundy joined Zifkin Real Estate Group's (ZREG) office leasing team. He formerly worked as an as an architect for Perkins Eastman, Pappageorge/Haymes, Ltd. and Song + Associates prior to joining ZREG.
DAYMARK REALTY ADVISORS
(TAMPA, FL) Daymark Realty Advisors named Vesna Pilicar Cherry director of leasing. Cherry is responsible for all aspects of leasing and marketing of Netp@rk Tampa Bay, a one-million-square-foot office complex in Tampa. Previous employers include JMB Realty, Paragon Group, Divaris Realty and Outback Steakhouse.
INSTITUTE OF REAL ESTATE MANAGEMENT
(CHICAGO) The Institute of Real Estate Management (IREM) an international community of more than 19,000 real estate managers across all property types, installed its officers for 2012. James A. Evans of Grand Blanc, MI, is IREM's new president; Elizabeth (Beth) Machen, of Charlotte, NC, is the new president-elect; and Joseph J. Greenblatt, of San Diego, is the new secretary/treasurer.
REAL ESTATE INVESTMENT SECURITIES ASSOCIATION
(INDIANAPOLIS) The Real Estate Investment Securities Association (REISA) has elected its 2012 board of directors. Five new industry leaders were elected to serve on REISA's board: Hollis Greenlaw, Mark Kosanke, DeVonna Murrin, Brad Updike and Dustin Zachmeyer. Kosanke is a returning member; the other four are new to the 13-member board.
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