The End of the Free Ride

Last week we offered readers an opportunity to take a position on clawback provisions and whether or not they should be included in executive compensation plans. The response was unanimous: 100% of those who responded believe that long-term compensation should be subject to a clawback if performance does not measure up to established goals. I figured that there would be a strong view toward the notion of a clawback, but I didn’t expect a 100% vote! This reinforces my view that pay for performance will become a standard in executive–and for that matter, all–professional compensation plans. But more important, long-term comp is going to be increasingly, and appropriately, subject to “look back” performance standards. Clearly, the day of the free ride is coming to an end.

Job Opportunities
ING CLARION Senior Analyst (WASHINGTON, DC) Primary responsibilities will include data collection and analysis, computer modeling and special projects, as well as supporting the portfolio manager in development and execution of strategies. SELECTLEADERS Financial Analyst – Real Estate Investment Banking Group (NEW YORK CITY) The hire will research and analyze financial statements, general economic conditions, industry-specific conditions and developments, acquisitions and divestitures, and various capital markets investment attributes. LOWE ENTERPRISES INC. VP – Marketing & Sales (LOS ANGELES) This VP is responsible for the creative development, management and execution of marketing plans and programs to accomplish resort real estate sales goals. DUKE REALTY CORP. Senior Leasing Rep., Health Care (INDIANAPOLIS) The candidate would be responsible for 1.8 million sf of product. Other requirements include a strong financial background, problem solving and excellent communication skills. PRUDENTIAL Investment Director (SAN FRANCISCO) Provide general management for a portfolio of properties. This would include frequent contact with property/regional managers, joint venture partners and leasing teams to ensure optimal property performance. METLIFE Senior Mortgage Producer (GEORGIA & TAMPA) The job entails soliciting and evaluating targeted commercial mortgage investments for a clients general account portfolio via brokers, in addition to calling directly on both institutional and regional REITs, investors and developers throughout the region. LEXINGTON REALTY TRUST Analyst, Asset Management (DALLAS) The hire will develop and apply expertise in the following areas: property management, capital improvements/construction, leasing and sale campaigns, insurance/risk management, legal coordination/direction, environmental and engineering issues, and more. PARAMOUNT REAL ESTATE SERVICES Property Manager (JUPITER, FL) Responsibilities include, but are not limited to, preparation of annual income and expense budgets, monthly monitoring of property income and expenses, tenant and vendor relations, property inspections and more.
Promotions
NAI GLOBAL (PRINCETON, NJ) Three members of the senior management team receive promotions. Bobbi Jean Formosa moves to executive vice president-operations and Edward J. Finn moves to executive vice president and general counsel. Both previously were senior vice presidents in their departments. Also, Margaret B. Smith moves to senior vice president of finance and controller. She previously was controller. TREELINE COS. (NEW YORK CITY) Howard Schor is promoted to executive vice president of strategic operations and planning. He was previously senior vice president at the company. NAI ROBERT LYNN (DALLAS) Stephen Cooper and Todd Hubbard are made executive vice presidents and Kent Smith is promoted to vice president. KBS REALTY ADVISORS (WASHINGTON, DC) Robin Burke moves to senior vice president, acquisitions. Burke will report to Chuck Lindwall, president of the eastern region. REED ILLINOIS (CHICAGO) Three move up the ladder at the firm’s local office. Scott Pickands becomes executive vice president project executive, moving from senior vice president. Jack Hennessey becomes first vice president senior project manager, moving from vice president; and Christine Roche becomes field operations manager, moving from field coordinator. TBG (AUSTIN) The firm promotes professionals in four offices. Named as principal are Meade Mitchell in Houston and Scott Weaver in San Antonio. Kerry Niester, also in San Antonio, is promoted to senior associate while Bryce Bartlett in Dallas and Mindy Cooper in Austin are elevated to the associate level. KEYSTONE PACIFIC PROPERTY MANAGEMENT INC. (IRVINE, CA) Bea Garrahy rises to community association manager from associate community association manager.
New Hires
ACCOR NORTH AMERICA (CARROLLTON, TX) The hospitality company hires Jeffrey Palmer as senior vice president of sales and marketing for Motel 6 and Studio 6. Most recently Palmer was senior vice president of marketing for NRT Inc. His resume includes senior level positions at the Home Depot, Pep Boys and Circuit City. BT PROPERTY US (EL SEGUNDO, CA) Pamela Klesert starts as head of US real estate for British Telecomm Property US. She spent the past seven years as director of the corporate services group for Grubb & Ellis Co. STAUBACH CO. (PHILADELPHIA) Three members join the company’s area team. JoAnn West comes on board as vice president, and Blaise Fletcher and Tom Weitzel as associates. West previously was director of leasing at Brandywine Realty Trust. Fletcher was sales manager for Pulte Homes. Weitzel is a retired captain of the US Army, having served in Operation Iraqi Freedom. CB RICHARD ELLIS (SOUTHFIELD, MI) John A. Latessa Jr. is named managing director of the southeast Michigan operations, effective Jan. 7, to replace Mike Gerard, who will assume new duties as senior managing director of the company’s Midwest region. Latessa, a 20-year veteran, most recently was principal and senior vice president for JFK Investment Co. of Bloomfield Hills, MI. Gerard will remain on the company’s eastern divisional executive committee. Also, David L. Davis joins the investment properties group. He will be responsible for sale of investment properties in Southeast Michigan, with a focus on industrial. Davis most recently worked in Signature Associates’ investment sales department. CB RICHARD ELLIS (EAST BRUNSWICK, NJ) Paul Cohen starts as first vice president of the Brownfield Practice Group. Prior to CBRE, Cohen was executive vice president with SBWE Inc. OLNICK ORGANIZATION (NEW YORK CITY) George Brodish is named vice president of construction. Prior to joining the firm, he served as vice president for Professional Service Industries Inc. and as branch manager for TRC Engineers Inc. MUSS DEVELOPMENT (NEW YORK CITY) James Whelan joins will join the company as senior vice president of public affairs in January. He currently is chief of staff to New York City Deputy Mayor Daniel Doctoroff. MISSNER GROUP (SKOKIE, IL) Nicole Singletary takes the position of assistant controller at the development and construction firm. She previously worked as a bookkeeper at K Management in Evanston. UGL EQUIS (CHARLOTTE, NC) Randy Carriker is hired as vice president of the firm’s local office as a member of the Portfolio Management Group. He joins from Grace Development Corp., also in Charlotte. COMMUNITY PRESERVATION CORP. (NEW YORK CITY) Patrick Logan is appointed to mortgage officer in the Bronx/Manhattan office. Before joining CRC, Logan served as director of development for Fordham Bedford Housing Corp. JONES LANG LASALLE (PARSIPPANY, NJ) Dana Getz rejoins the firm as general manager. She will be responsible for the overall operations of Morris Corporate Center III. Prior to her return, Getz served as a senior real estate manager for a full-service real estate firm. During her previous stint at JLL, she was facility manager for a 250,000-sf asset in Central New Jersey. GEMSTONE HOTELS & RESORTS LLC (NEW YORK CITY) Michael Straube is named regional director of operations for the Park City, UT-based company. He most recently was senior vice president of Peninsula Real Estate Group LLC. PIRCHER, NICHOLS & MEEKS (LOS ANGELES) Michele L. Pashaie starts as an associate in the real estate department after working as a law clerk for Shabani, Green & Wateman and Buter, Buzard Dunaetz & Fishbein.

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