National investment sales brokerage Marcus & Millichap has made several leadership changes, including the creation of new C-suite positions and promotions of executives, as part of a management reorganization aimed at increasing sales and streamlining decision-making.
The Calabasas, California-based firm promoted J.D. Parker to the new national role of firmwide chief operating officer. In this role, Parker is tasked with leading the firm's brokerage operations and working with CEO Hessam Nadji to set strategies, the brokerage said.
Marcus & Millichap previously had separate chief operating officer positions for its Eastern and Western divisions. Parker, who served as COO for the Eastern region, will continue to be based in New York.
The firm also said it promoted Richard Matricaria, who previously served as chief operating officer for the Western region, to the newly created role of chief growth officer. Matricaria's new duties include increasing revenue by expanding the firm's strategic partnerships and investments, and enhancing its sales training and development programs, the company said.
Marcus & Millichap, a public company set to report its first-quarter earnings on Wednesday, recently has focused on recruiting, training and retaining brokers to stem high turnover as investment property sales and financing fell to new lows since the pandemic.
The decline in brokerage commissions from sales contributed to losses in recent years, though the company posted a profit and its highest quarterly revenue in two years for the fourth quarter.
A sharpened focus
The recent changes "will sharpen our senior management team’s focus more intensively on growth initiatives,” Nadji said in a statement.
Parker has held a variety of positions over more than 20 years with the company and "will be instrumental in helping us make decisions and execute with more speed and consistency,” Nadji said.
The reorganization also includes expanded leadership roles for division managers Ryan Nee, Tim Speck, John Vorsheck and Michael Glass. They were promoted to executive managing director and chief revenue officer for their respective divisions to oversee a consolidated group of operating divisions across the country.
Longtime senior executive Greg LaBerge, formerly chief administration officer, has been promoted to chief client officer. He will be responsible for organizing specialty divisions such as branding, client outreach and market penetration and will continue to lead the firm’s hospitality division.
Marcus & Millichap also promoted John Chang to chief intelligence and analytics officer from his former role as national director of research services. Chang will transition the company’s research and content into actionable market intelligence for investors, the company said.
These moves follow the company's hiring of Evan Wayne as chief information officer in February.