Morley Greene will transition into the role of executive chairman after nearly 26 years as CEO of Trez Capital, one of North America's largest private commercial real estate debt and equity firms.
John Hutchinson, previously the real estate investment firm's chief financial officer, and Dean Kirkham, who most recently served as president and chief operating officer, will be co-CEOs after taking over day-to-day leadership of the company founded by Greene in 1997, the company said in a statement.
Greene will focus on mentoring the executive team while contributing to the Vancouver, British Columbia-based firm's strategic initiatives and fostering relationships with borrowers and investors, the company said.
"Building Trez Capital has been the greatest, most fulfilling and transformational professional experience of my life," Greene said in the statement.
The moves come as developers and investors face challenges getting money to build and buy commercial property amid the economic uncertainty. During downturns, non-bank commercial real estate lenders such as Trez Capital often fill the gap created when traditional banks pull back on their commercial property loan volumes.
Trez Capital added president to Kirkham's title and named long-time executive John Hutchinson as vice chairman in February 2022.
Kirkham joined the company in March 2016 as the chief credit officer after 12 years at the Bank of Montreal as an executive leader on risk and origination.
In November 2020, Kirkham became chief operating officer, where he expanded his focus to the leadership of operational teams and initiatives. In his new role Kirkham will keep focusing on risk and capital raising for the firm.
Hutchinson's prior job at Trez Capital included global head of origination, a role in which he supervised the company's commercial real estate lending business across North America. He will keep focusing on the firm's debt and equity origination business in his new role, according to the statement.
Hutchinson, who joined Trez 13 years ago, has supported the firm's expansion to the United States, where it has offices in Seattle, Los Angeles, Dallas, Atlanta, Palm Beach and New York.
Other recent changes to Trez Capital's c-suite include the addition of John Maragliano, who joined the company as chief financial officer in 2021. Maragliano adds the role of chief operating officer to his title with the recently announced changes.
The changes assured Greene that the company he founded has the right leaders to ensure its future success, he said in the statement.
"My confidence to transition leadership at this time is a testament to the strength and vision of the firm, creating space for our leaders to emerge," Greene said.