The Real Deal New York

Realogy taps J&J exec as new CFO amid
cost-cutting push

Brokerage giant is looking for $70M in savings this year
By E.B. Solomont | March 11, 2019 10:30AM

Realogy CEO Ryan Schneider and CFO Charlotte Simonelli (Credit: LinkedIn)

As it looks to whittle expenses and reduce debt, Realogy has tapped Charlotte Simonelli — a 47-year-old former executive at Johnson & Johnson — as its new chief financial officer and treasurer.

Simonelli, who will report to CEO Ryan Schneider, is set to start March 25, Realogy announced Monday. She replaces longtime CFO Tony Hull, who stepped down abruptly in November. Interim CFO Timothy Gustavson will stay at Realogy as chief accounting officer and controller.

Since 2016, Simonelli has served as CFO of various divisions within Johnson & Johnson, including medical devices and enterprise supply chain. She’s also worked at Reckitt Benckiser, Kraft Foods, PepsiCo and Unilever.

Last month, Realogy disclosed plans to cut $70 million in expenses in 2019. It will also spend the first half of the year focusing on reducing its corporate debt load.

In regulatory filings, Realogy said Simonelli will earn a base salary of $650,000 (though she’ll be eligible for a bonus of $650,000 and an equity award of $1.1 million). In addition to her salary, Simonelli will receive an initial grant of restricted stock valued at $1 million; the stock will vest on the first three anniversaries of her start date.

Although Schneider is spearheading a turnaround at Realogy, the company’s stock plunged 21 percent in late February to a new low of $14.14 per share.

That drop followed Realogy’s 2018 earnings report — in which the company said its profits slid 68 percent to $137 million. For the full year, Realogy reported $6.1 billion in revenues, $35 million less than 2017.