After three months of an active industry search, Grubb & Ellis has opted to name Michael Rispoli, the current CFO of its investment subsidiary, as the new lead financial officer and executive VP for the real estate services investment firm.
Rispoli will succeed Richard Pehlke, its former CFO, effective immediately. Previously, back in May, Pehlke stepped down from his post after holding it for nearly three years to “seek new challenges and opportunities,” he said in the announcement.
At the time, the Santa Ana, Calif.-based firm said that it would appoint Matthew Engel, a senior VP and chief accounting officer, as the interim CFO. To add, Grubb & Ellis explained that it would enlist the help of executive search firm Korn/Ferry International to find a suitable replacement.
Today, however, it seems as though it didn’t search far for its new financial leader.
“Mike Rispoli was identified as possessing the blend of financial acumen and industry experience necessary to assume the position of chief financial officer and help lead this business toward our goals of gaining market share and growing profitability,” Thomas D'Arcy, president and chief executive officer of Grubb & Ellis, said in the Aug. 9 press release.
While Rispoli will maintain his previous duties within Grubb & Ellis Equity Advisors, the statement said that he will also be responsible “for the company’s overall financial operations, including strategic planning, corporate initiatives and investor relations.”
Alternately, Engel was also promoted to executive VP of finance today, where. In the position, he will direct accounting, finance, tax and SEC reporting functions for the firm, the press release said.
In prior roles, Rispoli was an executive director and corporate controller at Conexant Systems from 2000 to 2007 before he joined Grubb & Ellis in 2008. And Engel previously spent seven years at H&R Block in several senior financial leadership positions, the press release said.
Currently, the company utilized its nearly 6,000 employees to provide real estate services to owners, tenants and investors. Its investment subsidiary also offers a broad range of real estate investment vehicles, including public non-traded real estate investment trusts (REITs), mutual funds and other real estate investment funds, to its individual and institutional clients.
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