NAR appoints new finance head as settlement payouts begin
Matthew Cenedella will join the association as CFO later this month, overseeing the organization’s finances as it begins paying out $418 million in damages.
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The National Association of Realtors has hired a new chief financial officer just weeks after the association made its first payment — a hefty $202 million — as part of its landmark settlement agreement in the commissions lawsuits.
Matthew Cenedella will move into the CFO role on March 19, replacing John Pierpoint, who is retiring after 12 years with NAR, the association announced today. It's the second notable leadership change in a matter of weeks for NAR, which has also added a new top lawyer.
Cenedella has a long career in finance and operations, most recently serving as chief operating officer and treasurer at the Women's Tennis Association. He was with the WTA for more than 14 years, during which time he oversaw significant revenue growth and helped launch WTA Ventures, the organization's commercial arm. Previous roles at the WTA included chief administrative officer and VP of finance.
"Matthew's versatility and his extensive background in finance, strategic planning and operational leadership roles will be invaluable as we continue to strengthen our financial strategies, propel NAR toward a higher-performing workplace and deliver greater value to our members," NAR CEO Nykia Wright said in the announcement.
Overseeing finances as NAR begins 4 years of payouts
Following the association's $418 settlement, NAR leadership addressed the question of where the funds would come from — and whether the association could actually afford it. In addition to the large payment made last month in accordance with the terms of the deal, which obligated NAR to pay $202 million within 90 days of final settlement approval, NAR will make annual payments of $72 million for the next four years.
Last April, NAR President Kevin Sears acknowledged there could be "some streamlining" as a result of the settlement. "We're going to look at the finances of the association and figure out how exactly we're going to meet our financial obligation for the settlement," he said. More recently, during the NAR NXT conference in November, Sears said NAR will "be leaner in how we operate" once the payments began. "We will scrutinize the budget for instances that don't directly contribute to member value."
For his part, Cenedella expressed confidence in the association's future, noting that while it is "a pivotal time for the real estate industry," his background leaves him well-positioned to tackle NAR's financial challenges.
"Throughout my career, I have been fortunate to work across diverse financial landscapes, from corporate enterprises to nonprofit associations, and I look forward to leveraging that experience to ensure the organization's financial strength and to position it for strategic growth where it best suits our mission to support NAR's members," Cenedella said.