Steve Powel, Real Estate Finance Pioneer, Announces Retirement From SitusAMC, a Company He Helped Found.
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New York, NY (10.03.2022) – SitusAMC, the leading provider of innovative, trusted solutions supporting the entire lifecycle of real estate finance, announced that the Company’s Executive Chairman, Steve Powel, will be retiring from the firm’s day-to-day business at the end of the year. Mr. Powel’s retirement marks the end of an illustrious 30+ year career at SitusAMC (formerly Situs), where he helped guide the organization from an upstart transactional services firm into the real estate industry’s preeminent solutions provider. Today, SitusAMC has 30+ global offices, thousands of employees, and 1500+ clients, including the largest commercial and investment banks and institutional real estate participants in the world.
Mr. Powel is a founding member of SitusAMC (then Situs). During his time at the firm, he has held numerous roles including Head of Diligence and Underwriting, Chief Operating Officer, President, Chief Executive Officer (CEO), and most recently, Executive Chairman. Under Mr. Powel’s leadership as President and CEO, the firm grew CRE assets under management from $3 billion to $175 billion. He also led the firm’s global expansion in the mid-2000s, expanding the organization’s footprint into Europe and Asia, enabling SitusAMC to support client needs on a global level.
Over the course of three decades with SitusAMC, Mr. Powel has helped shape the strategic direction of the firm and successfully guided it through numerous adverse economic and market events, including the 1998 bond market collapse, 9/11, the great financial crises, and most recently, the Covid-19 pandemic. Through it all, Mr. Powel’s passion for the industry, commitment to delivering exceptional client outcomes, and dedication to supporting the careers of the firm’s employees has helped SitusAMC thrive through market cycles.
Mr. Powel was the architect of several innovative programs at SitusAMC. He pioneered the firm’s Platforms business model -a strategic, turnkey solution focused on improving client execution through fully managed real estate deal teams designed to enhance scalability, contain costs, and streamline talent management. Mr. Powel also led the creation of SitusAMC University, a structured educational curriculum that helped scale the firm’s early business operations and assisted as a training platform for many of the firm’s clients.
In addition to his day-to-day leadership at the firm, Mr. Powel has helped guide SitusAMC through 20+ mergers and acquisitions including the 2019 merger of Situs and AMC, resulting in the creation of the largest solutions provider to the residential and commercial mortgage industry.
“You will not find a more passionate, dedicated professional than Steve,” stated SitusAMC Chief Executive Officer, Michael Franco. “He has been a champion of our clients, a mentor to our people, and a trusted partner for our investors. We thank Steve for everything he has done for the firm and wish him the absolute best as he moves onto his next chapter.”
Post day-to-day at SitusAMC, Mr. Powel will be pursuing real estate debt and equity investments though a firm that he recently founded which focuses on attainable housing for the middle class, a segment of the population that has been left behind in the housing boom of the past decade. Mr. Powel will also remain on SitusAMC’s Board of Directors, participating in overall strategy decision-making for the firm.
“I’m incredibly proud of what we’ve built at SitusAMC and the impact we’ve had on our clients’ businesses and the lives and careers of so many of our employees,” stated Powel. “I am forever grateful to those I’ve had a chance to work for and with and look forward to watching as SitusAMC continues to power opportunity for everyone we proudly serve.”
SitusAMC (www.situsamc.com) is the leading independent provider of advisory, strategic outsourcing, talent and technology solutions to the commercial and residential real estate finance industry. We help our clients realize opportunities in their real estate businesses through industry-leading services and innovative technologies that drive operational efficiency, increase business effectiveness, and improve market agility across the entire lifecycle of their global real estate activity.
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