Toronto-based Avison Young has appointed the executive who helped steer the real estate services provider through its recent financial recapitalization as its new chief financial officer.
Rick Jenkins, who joined the brokerage in 2016 as global controller, will take over the CFO role and oversee the firm's financial operations and strategy. Jenkins, based in Chicago, has been serving as chief accounting officer for almost five years at Avison Young, a privately held real estate services company with more than 5,000 employees worldwide.
"As a firm powered by people, we look for the best and the best was already developed within. Rick brings nearly a decade of Avison Young-specific expertise, and I have every confidence that he will transition smoothly into his expanded role as CFO," said Mark Rose, chair and chief executive of Avison Young, in a statement.
"This past year, Rick has already helped steer the firm through a momentous next chapter, helping finalize a comprehensive financial recapitalization that reinforces our financial foundation, significantly de-levers our balance sheet, and positions us with a sustainable go-forward capital structure," Rose said.
Earlier this month, Avison Young closed a recapitalization of the business that reduced its financial obligations by more than 50% while securing additional capital for strategic investments.
CEO Mark Rose talked to CoStar News this month about the firm's recent changes and said belt-tightening days at the company are over.
Jenkins replaces Christine Battist as CFO. Battist left the brokerage earlier this year after serving as CFO for more than five years, according to her LinkedIn profile. Bill Torzolini had been serving as interim CFO since Battist's departure and has since rolled off the role, according to an Avison Young spokesperson.
As part of his new duties as CFO, Jenkins will lead the firm's overall management and strategies for finance, accounting, budgeting and reporting, bank relations, risk management, joint ventures and taxes. He will also be responsible for the financial aspects of acquisitions, divestitures and other related transactions.
As CFO, Jenkins will join Avison Young's executive management team and participate in developing and executing Avison Young's long-term growth strategies.
"This is a particularly exciting time to step into the role of CFO, having recently completed the recapitalization that positions us for future growth," said Jenkins in the statement. "I look forward to partnering with the senior management team to provide financial leadership that supports strategic growth and meets financial operating objectives."
Jenkins has more than 20 years of experience in accounting, finance and consulting, including serving as a leader for JLL's Americas finance team for nearly six years. Jenkins has also worked for accounting and business services firms EY and PwC as well as IMG, a global sports, modeling and media conglomerate.