CoStar Group Makes Key Executive Hires Amid Portal War
Returning to CoStar Group After a Six-Year Hiatus
As the real estate industry continues to evolve and the portal war heats up, CoStar Group has announced two significant executive hires to strengthen its leadership team. Richard Simonelli, a 35-year industry veteran, is returning to CoStar Group as its new head of investor relations after spending six years as the SVP of Industry Relations at Compass. Cyndi Eakin, who has 35 years of experience in executive finance roles, has been promoted to Chief Accounting Officer.
Simonelli and Eakin Bring Impressive Credibility to Their New Roles
Simonelli has held executive positions at the New York Stock Exchange, Citigate Dewe Rogerson, MS&L, MWW Group, Abbey Road Partners (now known as Simonelli Capital), and Compass. He first joined CoStar Group in 2011 and served as its Vice President of Investor and Public Relations until 2019. His experience with the company’s ambitious plans and track record of success, combined with his residential real estate industry knowledge, will be crucial in his new role as head of investor relations.
Eakin has a similar impressive background in executive finance roles at KMPG US, MCI Corporation, Teleglobe, BearingPoint, Iridium, LivingSocial, Chelfie, and Evolent Health. She joined CoStar Group in 2016 and has been serving as Vice President Controller and Head of Investor Relations. In her new role, Eakin will be responsible for corporate accounting, revenue reporting, tax compliance, technical accounting, and policy and financial reporting.
Importance of Simonelli and Eakin’s Hires
CoStar Group Founder and Chief Executive Officer Andy Florance emphasized the significance of the hires, stating, "I’m delighted to welcome Rich back to CoStar Group and announce Cyndi’s promotion… Rich’s experience with CoStar Group’s ambitious plans and track record of success, combined with his residential real estate industry experience, will be more relevant than ever to CoStar Group. His ability to liaise with our shareholders takes on a renewed importance."
Florance also highlighted Eakin’s value, saying, "And Cyndi’s prior experience as our Controller and most recent experience in Investor Relations make her uniquely suited to oversee our accounting function… I look forward to seeing both Cyndi and Rich thrive in these new roles."
Conclusion
CoStar Group’s latest executive hires demonstrate the company’s commitment to building a strong leadership team capable of navigating the intensifying portal war. Simonelli and Eakin bring impressive credibility and experience to their new roles, and their hires have significant implications for the company’s future growth. With their expertise, CoStar Group can leverage its strengths to maintain its position in the ever-evolving real estate industry.
FAQs
Q: What is CoStar Group’s purpose?
A: CoStar Group is a leading provider of commercial and residential real estate data and analytics. The company’s mission is to empower industry professionals with accurate and reliable information.
Q: Who is Richard Simonelli?
A: Richard Simonelli is a 35-year industry veteran with experience as the SVP of Industry Relations at Compass. He is returning to CoStar Group as its new head of investor relations after a six-year hiatus.
Q: Who is Cyndi Eakin?
A: Cyndi Eakin is a 35-year executive finance professional who has held various roles at companies such as KMPG US, MCI Corporation, and Evolent Health. She has been promoted to Chief Accounting Officer at CoStar Group.
Q: Why are Simonelli and Eakin important hires for CoStar Group?
A: Simonelli and Eakin bring significant experience and credibility to their new roles. Simonelli’s knowledge of residential real estate and CoStar Group’s plans will be crucial in maintaining relationships with shareholders. Eakin’s financial expertise will be essential in managing accounting and reporting functions.
Q: What challenges is CoStar Group currently facing?
A: CoStar Group is facing challenges in the portal war as it competes with Realtor.com for market share. The company is also dealing with legal issues, including a theft of trade secrets lawsuit and an advertising claims challenge.
Author: www.inman.com
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