STETTINIUS FLYING HIGH
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Speculation is that Joe Stettinius, defecting from Trammell toCassidy where he’ll be head of investor services and much of Cassidy’s business, is getting a million dollar annual package in salary, bonus, and stock—and that the sky’s the limit for his future there. “He’s an awesome recruit, and Bob Pinkard can sit down and cut him part of the company in 10 minutes,” we’re told, compared to CB’s big corporate structure, which is viewed as great for the commissioned production side but a bit of a drag for ambitious managers.
We caught up with Joe and asked him if the reports are true. “Let’s just say the compensation was compelling,” he tells us, “but the motivation was really driven by a huge opportunity to deliver seamless services to our customers. We’ve got capital markets, leasing, construction management, and property management integrated in one organization and in one reporting structure for the benefit of our clients. They’re not having to use different agents at different companies, or people at the same company reporting to different people there.”
He also points out that “back in mid-90s, when a lot of service companies went public, they did it to look like their customers: REITS, insurance companies, and other institutions. Today, our customers increasingly are private equity sources. We are a streamlined, nimble company, like they are—no silos.”
Joe started Tuesday and is already ensconced on the 8th floor down the hall from Pinkard. Although he won’t be doing corporate services or tenant rep at Cassidy, he does know a thing or two about renting. He’ll be taking off a few days in the middle of this month to Harbour Island in the Bahamas, where he’s rented the last 10 years.