Encino brokerage NAI Capital has named veteran broker Timothy P. Foutz as its chief executive officer.
Foutz replaces Bob Scullin, who became CEO in December 1993 when the brokerage had two offices and 42 brokers. It has since expanded to 15 offices with a workforce of over 300 in Southern California.
Reached by the Business Journal, Scullin said he no longer works at NAI but was “not allowed” to comment further. His wife, Cathy, is an NAI broker and intends to stay on with the firm, he said.
In an interview, Foutz described the brokerage as “in transition,” with its long-time chairman Mike Zugsmith retiring recently due to ill health. Scullin, he said, left after a “philosophical difference” among the brokerage’s partners.
“I was asked to come in and help out, and I’ve done it because I love the company and the people and I think I can do a decent job,” he said.
NAI Capital is affiliated with NAI Global, based in Princeton, N.J. That company was acquired in 2011 by Irving, Texas-based real estate investment firm C-III Capital Partners LLC.
Foutz graduated from USC in 1970 and started his real estate career in 1971 with Grubb & Ellis in downtown Los Angeles. He left in 1994 to become a partner at NAI Capital, where he has brokered myriad large deals in the San Fernando Valley and Ventura County.
One was leasing 160,411 square feet to Packard Bell Computers in Westlake Village on behalf of Eaton Corp. He later sold Eaton’s property to an investor, who developed it into Calvary Community Church and Oaks Christian High School.
Foutz also was involved in the purchase of 30 acres of land in Westlake Village, where Dole Foods established its international headquarters.