The Board of Directors of the Carl M. Freeman Companies (CMF Companies) announced on Tuesday, July 8, that it has named Thomas Aiello, prominent D.C.-area real estate tax and business consultant, as chairman of the Board and CEO of the CMF Companies.
Aiello has spent more than 30 years in the greater Washington area advising real estate firms in maximizing transactions and the ongoing operations of their businesses. Aiello has counseled the CMF Companies over the past 15 years, served on its Board for five years and was a trusted advisor to late CEO Joshua M. Freeman — all while holding leadership positions at Alvarez & Marsal Taxand LLC, Aiello and Associates, and Arthur Andersen.
“We have found the perfect person to lead the CMF Companies into the next phase of the business. Tom brings strong leadership, unparalleled knowledge and connections in the real estate marketplace, and a solid understanding of this company and its employees,” said Stephen Huttler, prior chairman of the Board.
“Tom’s commitment to this company and our family has been unwavering, and we know he’ll lead the company in a way that honors its past and brings success to its future. I couldn’t be happier about this selection,” added Michelle DiFebo Freeman, CMF Companies Board of Directors member.
Thomas C. Halverstadt, senior vice president of the Carl M. Freeman Companies and general manager of Community Development & Homebuilding and Sports & Hospitality, heads the company’s Eastern Shore operations out of their office at Bayside near Fenwick Island. He said Aiello was a solid pick for the top spot at Freeman.
“I think that Frank Edwards did an excellent job in transition,” Halverstadt told the Coastal Point on Wednesday, “and I think Tom Aiello is an excellent choice to head the company.”
Halverstadt said he expects the change in company leadership to have little immediate impact on the local level.
“I don’t see any immediate changes in our operations here,” he said. “Tom is committed to the company and committed to our vision of success in Sussex County. So, I see things continuing in our on an even keel.”
“I am honored by this opportunity to serve the Freeman organization and family in this capacity,” said Aiello. “This is a company of greatness — great people and great potential — and I’m proud to be a part of continuing its traditions and building its future.”
The Carl M. Freeman Companies were founded by Carl M. Freeman in 1947 and later led by Freeman’s son, Joshua M. Freeman, from the early 1990s through 2006. The Freeman Companies are real estate developers, focused on commercial and community development and redevelopment in the mid-Atlantic region.
Aiello most recently served as the managing director with Alvarez & Marsal Taxand LLC, where he counseled clients on complex income tax and business matters that impact their business operations. He brings more than 30 years of experience in analyzing the needs of real estate companies and providing comprehensive tax services to closely-held businesses.
Aiello has advised real estate companies in all phases of development, providing a full spectrum of senior-level tax advisory services and support to companies in the midst of growing and operating construction and/or real estate investment businesses. Aiello has served diverse real estate clients in the development of large and multi-purpose projects, focusing on residential, commercial, office and golf course communities.
Immediately prior to joining A&M, Aiello founded and built Aiello & Associates, an independent tax consulting firm focused on the real estate industry. Previously, he served as a partner at Arthur Andersen, building his 30 year career as a real estate industry expert in the Washington metropolitan marketplace.
Aiello ultimately rose to become managing partner for that firm’s National Federal Business Tax Practice and regional managing director of tax for its Southeast Region.
Aiello graduated in 1971 from Stetson University in DeLand, Fla., with a bachelor’s degree in business administration. He earned a doctorate from Georgetown University Law Center in Washington, D.C., in 1976. He is a certified public accountant in the District of Columbia, Maryland and Virginia, and a member of the American Institute of Certified Public Accountants.