Russell Reynolds Associates Recruits CFO for Rexford Industrial Realty
October 24, 2024 – Global leadership advisory firm Russell Reynolds Associates has placed Michael Fitzmaurice as the new CFO of NYSE-traded Rexford Industrial Realty, Inc. in Los Angeles. Deb Barbanel and Nick Roberts led the assignment. “We are very pleased to welcome Michael Fitzmaurice to the Rexford Industrial team,” said Michael Frankel and Howard Schwimmer, co-chief executive officers of the company. “Michael is a strategic, results-driven and team-focused leader who we are excited to partner with as we capitalize upon Rexford’s significant forward growth opportunity.”
Mr. Fitzmaurice brings 25 years of experience in the public REIT sector to Rexford Industrial. He most recently served as executive vice president and CFO of RPT Realty, where he joined in 2018, and was instrumental in the merger with Kimco Realty in January 2024. Prior to joining RPT, Mr. Fitzmaurice served as vice president and then senior vice president of Finance for Retail Properties of America, Inc. from 2012 to 2018. Earlier in his career, he held positions of growing responsibility at General Growth Properties and Equity Office Properties.
Rexford Industrial creates value by investing in, operating and redeveloping industrial properties throughout infill Southern California, the world’s fourth largest industrial market and consistently the highest-demand with lowest-supply major market in the nation. Rexford Industrial’s portfolio comprises 424 properties with approximately 50.3 million rentable square feet occupied by a stable and diverse tenant base.
Russell Reynolds Associates is a global leadership advisory and search firm. Its 520-plus consultants in 47 offices work with public, private, and non-profit organizations across all industries and regions. The firm also conducts in-depth organizational culture assessment and measures the cultural fit of key leadership and candidates in the following areas: arts and culture, global development, higher education, non-profit health and human services, public sector, social justice and advocacy, as well as trade and professional associations.
The firm provides executive search services across all areas of the global media, entertainment, technology, and athletics markets. The firm’s consultants bring the experience and ability to assess competencies and cultural fit of board members, CEOs, senior functional leadership and players, with expertise in professional sports teams and leagues (CEOs, general managers, coaches and players); digital, media and entertainment; and technology-based start-ups.
Experienced Recruiters
Ms. Barbanel co-leads the global real estate practice and she is a member of the board & CEO practice, and financial officers practice. Based in Los Angeles and New York, she works across the financial services spectrum to identify CEOs, COOs, CFOs and other senior-level executives particularly within investments and development for public and private real estate companies, and financial services companies.
Related: The Ultimate Guide to Assisting CFOs — From Recruitment to Reaching Growth Goals
Mr. Roberts is a core member of Russell Reynolds’ financial officers practice and leads CFO and senior financial officer searches across industry with a specialization in healthcare and technology. Many of his recent clients include pre-IPO and sponsor-backed companies, as well as Fortune 500 companies. His broader industry experience includes consumer, media and entertainment, real estate, and financial services. Based in San Francisco, Mr. Roberts is also a member of the firm’s private equity practice. In this capacity, he has completed a number of senior investor hires, including partner, principal, and director-level searches.
The Market for CFOs
The market for senior finance executives remains candidate-centric and brisk, according to Andy Miller, CEO of BrainWorks. “While public discussion of macroeconomic conditions continues to hint at inflation and recession, finance professionals remain fully employed and heavily engaged,” he said. “Among the finance executives, CFOs and business unit financial officers remain in high demand, both to provide oversight for portfolio companies in the PE space and to engage newly created business units by expanding public companies. Tax talent has been in demand for many years and is increasingly scarce. Global and complex tax guidance and leadership, including managers, directors, and analysts remain essential in the proliferation of business strategies. Also engaged at high volume over the last 12 months are controllers, analysts, and FP&A professionals.”
The Evolving Role of the CFO
Given the speed at which market conditions, business strategies, and operational structures have changed in recent years, businesses are more aware than ever of the crucial role the chief financial officer plays in shaping and driving a company’s strategic direction. A just-released report by BoardEx of “The Role of the CFO 2022” examines more than 1,400 CFOs who lead major publicly traded companies across 16 countries around the world. Let’s take a closer look.
At the sector level, geopolitical uncertainty, legislative uncertainty, and uncertainty regarding interest rates, inflation, and the potential for recession create sector-level challenges. While forecasting is fraught with uncertainty, BrainWorks believes that inflation has peaked and that recession is largely a lagging story at this point. “Given the degree of uncertainty in the world, any assessment of what financial services will face in the future is at best educated guessing,” said Mr. Miller. “That said, the challenge of securing top talent, the sufficiency of talent in the marketplace, the rate of change between currencies, tax implications of selected business strategies and the proper filing of documents in support of such strategies, accurate forecasting, analytics, and planning will all remain needful in the sector.”
Related: Financial Services is Booming, CFO Role Continues to Evolve
Contributed by Scott A. Scanlon, Editor-in-Chief and Dale M. Zupsansky, Executive Editor – Hunt Scanlon Media
