Realogy, the nation’s largest real estate holding company, has appointed a new chief financial officer after a disappointing fourth-quarter earnings report and amid a recent stock market tumble. Charlotte Simonelli, a former executive with Johnson and Johnson, will fill the role that was temporarily held by Tim Gustavson since Anthony Hull retired in November.
“[Simonelli] is a strategic and hands-on executive with deep financial experience at some of the world’s most recognized and respected organizations,” Realogy CEO Ryan Schneider said in a statement. “She will be a great addition to the team, and I look forward to working closely with her to drive operating performance, to optimize our capital structure, and to unlock additional value for our shareholders.”
Simonelli, who will report directly to Schneider, will also serve as executive vice president and treasurer. Gustavson, the interim CFO, will return to his role as chief accounting officer and controller.
Simonelli will earn a base salary of $650,000 and be eligible for the company’s annual cash incentive plan and long-term incentive program, valued at approximately $1.1 million, according to a filing with the U.S. Securities and Exchange Commission.
Prior to joining Realogy, Simonelli has held various roles across a number of organizations, including most recently as the CFO of medical devices for Johnson and Johnson. Like Schneider, who a little over a year ago joined Realogy from Capital One, she doesn’t come from a real estate background.
“I am excited to take on this role and join such a talented and experienced leadership team led by Ryan Schneider,” Simonelli said in a statement. “Realogy is an industry leader with unmatched scale, and I look forward to working with the team to leverage the company’s resources, including technology and data analytics, to drive improved business results going forward.”
Simonelli will be tasked with running all financial functions across Realogy’s massive portfolio of brands, which includes the nation’s largest brokerage NRT, as well as franchise brands Coldwell Banker, Century 21, Better Homes and Gardens Real Estate, Corcoran, Climb Real Estate, ERA Real Estate and Sotheby’s International Realty.
Realogy is in a difficult place financially, after releasing lower-than-expected revenue and earnings per share fourth quarter results. In the wake of those results, the company’s stock price has hovered in the mid $12 per share range, the lowest since it began trading publicly.