Compass Faucets Cushman Exec As Chief Monetary Officer At Pivotal Second

Kalani Reelitz joins the brokerage at a time of great transition, and because it tries to realize optimistic money circulation subsequent yr.

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Amid a quickly shifting housing market and a interval of seismic change to its enterprise technique, Compass introduced Friday that it has employed a brand new chief monetary officer.

Kalani Reelitz

Kalani Reelitz will formally step into the position of CFO on Nov. 15, in accordance with a press release from Compass. The assertion notes that he “will probably be accountable for all points of the corporate’s monetary operations,” in addition to “a key member of the manager administration group” with a “deal with constructing sustained profitability and free money circulation era.”

Compass CEO Robert Reffkin mentioned within the assertion that Reelitz is a “robust chief with a deep understanding of the actual property enterprise.”

“The mix of Kalani’s operational excellence and monetary self-discipline gained from a few years of serving to giant public firms develop profitably will probably be an unimaginable asset as we speed up our path to profitability,” Reffkin added.

Reelitz involves Compass after spending practically seven years at actual property companies agency Cushman & Wakefield. He completed his stint on the firm as an government vp, chief transformation officer, and chief operations workplace over Cushman & Wakefield Americas.

Earlier than becoming a member of Cushman & Wakefield, Reelitz spent 12 years in quite a lot of management and finance roles at pharmacy chain Walgreens.

Reelitz steps into a job that was vacated earlier this yr by the departure of Kristen Ankerbrandt, who left with plans to start out her personal funding fund.

The hiring additionally comes at a pivotal time for Compass when monetary outcomes are extra important than ever. Rising mortgage charges and a slumping housing market have created important headwinds for actual property firms, and plenty of — together with Compass — have carried  out layoffs and seen important drops of their share costs this yr.

Compass Robert Reffkin

Robert Reffkin

Compass additionally not too long ago stopped giving out money and inventory incentives to new brokers. On the time of that announcement, Reffkin framed the transfer as a part of a plan to turn out to be cash-flow optimistic in 2023.

Reffkin’s assertion on Reelitz additionally mentions money circulation, suggesting that the subject stays prime of thoughts for firm leaders and that Reelitz himself will probably be anticipated to play a considerable position in serving to Compass obtain profitability.

In Friday’s assertion, Reelitz expressed enthusiasm in regards to the activity at hand, saying he “couldn’t be extra excited to affix the group at Compass at this important time within the firm’s journey to profitability.”

“With its robust basis and a loyal, high-performing agent group,” Reelitz added, “Compass has achieved superb issues in its first decade, changing into the biggest brokerage within the nation by gross sales quantity and becoming a member of the Fortune 500. I’m excited to be part of the following chapter of progress and success with this group.”

E mail Jim Dalrymple II

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