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CALABASAS, CA - Marcus & Millichap, Inc., a leading firm in the real estate brokerage sector, disclosed a significant reorganization of its management team. According to the recent 8-K filing with the Securities and Exchange Commission, the company has appointed John David Parker as the new Executive Vice President and Chief Operating Officer, effective April 29, 2025. Parker, who previously served as the Chief Operating Officer for the Eastern Division, will now oversee all brokerage operations.
In tandem with Parker’s promotion, Richard Matricaria, who served as the Executive Vice President and Chief Operating Officer for the Western Division, has transitioned to the role of Senior Vice President and Chief Growth Officer. Matricaria’s new responsibilities include spearheading the company’s key growth initiatives, strategic partnerships, investments, and talent development. Notably, he will no longer serve as an executive officer.
Additionally, the company announced that Greg LaBerge, the current Chief Administrative Officer, will assume the position of Senior Vice President, Chief Client Officer starting May 1, 2025. LaBerge will be responsible for the company’s specialty divisions. These management changes come as the company faces challenging market conditions, with its stock down nearly 19% year-to-date, though revenue growth remains positive at 7.76%.
The filing did not disclose the financial terms or any compensatory arrangements related to these executive changes. These strategic moves come as part of Marcus & Millichap’s efforts to streamline operations and focus on growth trajectories within the real estate market.
This information is based on a press release statement filed with the SEC and provides insights into the company’s latest strategic leadership adjustments. Marcus & Millichap, headquartered in Calabasas, California, operates under the trading symbol (NYSE:MMI) and is incorporated in Delaware.
In other recent news, Marcus and Millichap reported significant financial results for the fourth quarter of 2024. The company achieved a revenue of $240 million, marking a 44% increase compared to the previous year. For the full year, revenue rose by 8% to $696 million, despite ending with a net loss of $12.4 million, which was an improvement from the $34 million loss in 2023. The company also noted a 40% increase in brokerage revenue during the quarter, with a substantial rise in transaction count and volume. Strategic investments in technology and talent acquisition were highlighted as key factors for future growth. Additionally, Marcus and Millichap closed 7,800 transactions throughout the year, totaling $43.6 billion in volume. The company expressed cautious optimism for future transaction growth, despite challenges such as interest rate volatility. The earnings call also emphasized reduced service costs and SG&A expenses, contributing to operational efficiency.
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