The Challenge
Our client, operating for 65 years, was led by only two CEOs in its history. With its CEO of 20 years retiring, the family-owned company needed a new leader who would fit in with its values-based approach to developing, owning, and managing apartments and retail hubs.
Solution
The client was interested in candidates who could remain at the firm for another 20 years, so we were focused on mid-career people who had not yet been a CEO. We therefore needed to assess potential advantages and risks given the candidates were not proven in this role. In addition, we had to find a pool of people who genuinely embodied the family’s values of community building, while also having the skills to run a profitable business. The company is owned by the founders’ children, none of whom are employed at the company nor have a real estate background. As such, the assignment required that we as search partners bring a higher level of understanding of the responsibilities of a CEO at an owner/operator of real estate.
Impact
After spending a considerable amount of time with the individual family members and the leadership staff, we were able to hone in on the kind of person who could fit culturally and functionally. Our very first call was to the person we ultimately placed in the role, as we were confident that his leadership roles both within his company (another family-owned business) and at a large industry organization would set him up for success. His deep experience in market rate and affordable housing, reflecting the client’s portfolio, ranges from development, partnership structures, financing, asset management, and team leadership. The new CEO has demonstrated a long-term dedication to making the local area more livable and equitable.