ROCKVILLE, MD--Federal Realty Investment Trust has recruited Dan Guglielmone as its new CFO and treasurer effective next month. Guglielmone is joining the REIT from another property trust, Vornado Realty, where he has been SVP of Acquisitions and Capital Markets since 2003. Guglielmone will be relocating from New York to work at Federal Realty's headquarters here.

Federal Realty Investment Trust lost its previous CFO, James Taylor Jr., when he departed to New York City-based Brixmor Property Group as CEO. Another recent departure was its Regional Chief Operating Officer of the Mid-Atlantic Region Robin Zeigler, who joined Cedar Realty Trust as Chief Operating Officer.

A Longer-Than-Expected Search

The search for the new CFO took a tad bit longer than expected based on CEO Don Wood's comments during its Q1 earnings call in early May when he told listeners that a new CFO would be announced within the next 30 to 45 days.

In June, during NAREIT's REITWeek he was asked about the search and said that Federal Realty was down to about three finalists: one a banker by training, one a sitting CFO by training and the third a combination of both disciplines.

Wood said he was looking for a specific role for the CFO to play (via a Fair Disclosure transcript):

There is not a job title that could mean more things to more people than Chief Financial Officer. It can be at some companies the Chief Accounting Officer, it can be an Operating CFO, it can be a transaction person or someone that just raises capital. What I need it to be at Federal is a real estate business partner….And so in replacing Jim, I need a business partner. It's a business partner with a concentration in finance just like Chris Weilminster is a business partner with a concentration in leasing or Don Briggs is a business partner with a concentration in development. And I look at that, that C-suite, if you will, at Federal as all real estate business partners.

A Longer-Than-Expected Search

Wood said he was looking for a specific role for the CFO to play (via a Fair Disclosure transcript):

There is not a job title that could mean more things to more people than Chief Financial Officer. It can be at some companies the Chief Accounting Officer, it can be an Operating CFO, it can be a transaction person or someone that just raises capital. What I need it to be at Federal is a real estate business partner….And so in replacing Jim, I need a business partner. It's a business partner with a concentration in finance just like Chris Weilminster is a business partner with a concentration in leasing or Don Briggs is a business partner with a concentration in development. And I look at that, that C-suite, if you will, at Federal as all real estate business partners.

Instant Insights /

Federal Realty Chooses Vornado's Dan Guglielmone as CFO From Three Finalists

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