Rejection
Two weeks ago, the shareholders of Citibank voted to reject the pay package of CEO Vikram Pandit for a year. No wonder. Its shares have fallen by 44%. The vote was taken under the so-called "say on pay" legislation that was introduced in 2010 after the credit crisis. This non-binding action drew a lot of attention and signals an era of emerging activist shareholders and increasingly aggressive governmental oversight. Much closer to home, it was reported that the shareholders of Simon Property Group, the country's largest mall owner, rejected an eight-year compensation package for the REIT's chief executive, David Simon, which included an annual base salary of $1.25 million and stock awards valued at $132 million over the length of the term. The company responded that the REIT’s performance has "led our industry" in Simon's tenure and that the compensation deal is critical to retaining him. I don’t know about that, but I do know that if a company such as Simon performs as it has and its shareholders reject the CEO's pay package, we are in for a period of ultra-cautious compensation committees and compensation consultants who will make a tidy sum advising public boards.
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.
SCIOTO PROPERTIES LLC
VP of Sales and Business Development
(DUBLIN, OH) As a member of the executive management team, the VP of sales and business development will design and implement sales and marketing strategies to achieve portfolio goals. Duties include building and directing a small yet highly effective selling organization; coordinating all sales and marketing activities; developing annual sales and marketing budgets; and building customer and industry relationships.
NAI RAUCH WEAVER NORFLEET KURTZ
Commercial Real Estate Sales/Investment Professionals
(FORT LAUDERDALE, FL) Responsibilities include negotiations, prospecting, market research, deal making and transaction management. Training and continuous development coaching tailored to level of real estate and sales experience.
ESSEX PROPERTY TRUST
SEC Financial Reporting Manager
(PALO ALTO, CA) This position will have overall responsibility for the preparation of internal and external consolidated financial statements for the company. The position will assist with accounting research, analytical reviews of accounts and balances and budgeting/forecasting. Considerable management experience and extensive experience preparing and reviewing financial statements and SEC filings including 10-Qs and 10-Ks is required.
HFF
Real Estate Analyst Investment Sales
(FLORHAM PARK, NJ) Successful incumbent will prepare sales packages and submissions for presentations to buyers; respond to client and buyer questions regarding properties and the overall commercial real estate market; perform complicated financial modeling and spreadsheet analysis in Excel; prepare financial models in Argus; review legal documents and third party reports as part of the due diligence process; and prepare market analysis reports, including vacancy, absorption and comparable rents and sales.
PRUDENTIAL
Underwriting Analyst, FHA Lending Division
(ATLANTA) Underwriting analyst will interact with originators and underwriters; perform loan database functions for receipt of borrower and other funds and request payments for invoices, retainers, etc.; assist in obtaining bids from third-party report providers; assist in receipt of due-diligence materials from borrower team for delivery to third-party report providers; set up due diligence checklists and forms; assist in delivery of due-diligence materials from borrower to underwriting team; and assist underwriting team in locating market and demographic data for property analysis.
JOHNSON & JOHNSON
Director, Real Estate Management
(SINGAPORE) The real estate director will lead the development and implementation of consistent and comprehensive solutions that support the growth of JJ businesses in the Asia-Pacific region. Specific duties include supporting all property-related projects, serving as a primary liaison for selection of real estate service providers for individual projects and identifying property/facility business opportunities and developing appropriate solutions to achieve optimal real estate investments.
CBRE
Facility Director, Healthcare
(SACRAMENTO,) The facility director will act as the senior team leader for facilities-management services in multiple facilities. This position will assume overall responsibility for: staffing, organization and work processes related to building operations maintenance and workplace health-safety; infrastructure capital planning; facility regulatory compliance (Joint Commission, et.al.); and facility aesthetics and financial performance.
PRUDENTIAL
Managing Director, US Marketing
(PARSIPPANY, NJ) The managing director, US marketing will report to the managing director of global marketing and will be based in the New Jersey office of PREI. This position is responsible for leading the team charged with capital raising, client service and consultant-relationship management for all institutional investors located in the US and Canada. Fifteen years of experience and demonstrated success in marketing to and knowledge of the US institutional investor base is required.
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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MARCUS & MILLICHAP
(ONTARIO, CA) Marcus & Millichap Real Estate Investment Services has named Kevin W. Boeve senior director of the firm's National Retail Group. Boeve joinedthe firm in June 1999.
HFF
(DALLAS) Troy Manson has joined the firm as a managing director in its Dallas office. He joins from Halyard Ventures, where he was the managing principal and founder.
FIRST INDUSTRIAL
(CHICAGO) V. Corey Richardson has recently joined First Industrial Realty Trust as regional director in the Atlanta market. Prior to joining the REIT, Richardson was a senior leasing/development officer for Duke Realty Corp. in Atlanta.
CBRE
(WAYNE, PA) Joseph Conwell has joined CBRE as senior vice president in the firm's local office. Prior to joining CBRE, Conwell was a founding partner and managing director for GPX Realty Partners LP, the real estate division of GPX Enterprises.
SRS REAL ESTATE PARTNERS
(DALLAS) SRS Real Estate Partners has made three new hires in brokerage, marketing and research. Scott Poehler, Alexandra Hilker and Kyle West have joined the SRS teams in Newport Beach, CA; Denver; and Orlando. Before joining SRS, Poehler worked for Keller Williams Realty as a real estate advisor. Hiker worked in Paris in public relations, marketing and social media for the retail and fashion industries. West has research experience in aerial and map creation, demographic and sales data research and market reports.
GRS GROUP
(LOS ANGELES) GRS Group, a provider of commercial real estate transaction and title services, has revealed that Gary R. Sirota, a due diligence expert, has joined its team as business development director. Prior to joining GRS, he was managing partner of Sirota & Associates LLP, a firm he formed after leaving Shaw Environmental Inc.
PRISM CAPITAL PARTNERS
(BLOOMFIELD, NJ) John Brucker of Sparta, NJ, has joined the team at Prism Capital Partners LLC in Bloomfield as senior project manager. Brucker's project management career began in 1984 and has included executive-level positions with such organizations as Bellmead Development Corp., BCC Construction, Gale Construction Co. and Hollister Construction Services.
UNION SQUARE PARTNERSHIP
(NEW YORK CITY) Felicia Tunnah has joined the Union Square Partnership as its director of economic development and special projects. Tunnah previously served for more than six years as assistant vice president for operations planning at the Alliance for Downtown New York, the business improvement district for Lower Manhattan.
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