Richard Simonelli returns to CoStar after five years away

CoStar Group continues to strengthen its executive team as the “portal wars” heat up. On Thursday, the firm announced the return of former vice president of investor and public relations, Richard Simonelli, after five years away from the firm, along with the promotion of Cyndi Eakin to chief accounting officer. 

Simonelli is returning as CoStar’s new head of investor relations. Since leaving CoStar in 2019, after eight years with the firm, Simonelli has worked as an independent consultant and most recently as the senior vice president of industry relations at Compass. 

In addition to his previous role at CoStar, Simonelli has held executive positions at the New York Stock Exchange, Citigate Dewe Rogerson, MS&L, MWW Group and Abbey Road Partners (now known as Simonelli Capital).

“I’m delighted to welcome Rich back to CoStar Group and announce Cyndi’s promotion,” Andy Florance, the CEO and founder of CoStar Group, said in a statement. “As we enter another era of growth for the company, I believe Rich’s experience with CoStar Group’s ambitious plans and track record of success, combined with his residential real estate industry experience, will be more relevant than ever to CoStar Group. His ability to liaise with our shareholders takes on a renewed importance.”

Eakin, who joined CoStar Group in 2016, has served as the company’s vice president controller and the head of investor relations over the course of her tenure. In her new role as chief accounting officer, she will be responsible for corporate accounting, revenue reporting, tax compliance, and policy and financial reporting. She has more than 35 years of experience in executive finance roles and has previously worked at KPMG US, MCI Corp., Teleglobe, BearingPoint, Iridium, LivingSocial, Chelfie and Evolent Health. 

“Cyndi’s prior experience as our Controller and most recent experience in Investor Relations make her uniquely suited to oversee our accounting function,” Florance said. “I look forward to seeing both Cyndi and Rich thrive in these new roles.”

In June, CoStar announced the hiring of former Freddie Mac executive Christian Lown as the firm’s chief financial officer. In their new roles, Simonelli and Eakin will report to Lown. 

“He brings an unparalleled understanding of M&A, capital markets and corporate finance and, through his time at Freddie Mac, an intricate knowledge of the home buying market at a time when our Homes.com platform is experiencing exponential growth,” Florance said at the time of Lown’s appointment. 

Earlier this month, Realtor.com’s parent company, Move, filed suit against CoStar Group and former Realtor.com employee James Kaminsky, alleging that the current Homes.com employee stole Realtor.com trade secrets to help fuel the rapid growth of Homes.com.

In an interview with HousingWire, Florance called the suit a “PR stunt,” stating that there was zero validity in the claims that Move brought specifically against CoStar Group.