Pierre Revol
About Pierre Revol
Pierre Revol is Chief Financial Officer, Treasurer, and Secretary of FrontView REIT (FVR), appointed effective July 21, 2025; he is 44 years old . He previously served as SVP Capital Markets at CyrusOne (raised over $15B financings) and SVP Corporate Finance & IR at Spirit Realty Capital (principal roles in a $9.3B merger, $2.4B spin/sale, and $10B+ capital markets), with earlier roles at Point72, Goldman Sachs, and UBS; he holds a BS in Economics (Wharton) and a BA in International Relations (UPenn), and is a CCIM designee . Early in his tenure, FVR reported Q3 2025 net income of $5.5M and AFFO of $0.32 per diluted share with 98.0% occupancy .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CyrusOne | SVP, Capital Markets | 2024–2025 | Raised $15B+ asset-level and corporate financing . |
| Spirit Realty Capital (NYSE: SRC) | SVP Corporate Finance & IR; previously VP | 2016–2024 | Led corporate strategy, capital allocation; involved in $9.3B Realty Income–Spirit merger, $2.4B Spirit Master Trust spin/sale, and $10B+ capital markets . |
| Point72 Asset Management | Senior Investment Analyst | 2008–2015 | Managed long/short REITs and real estate sectors . |
| Goldman Sachs; UBS | Investment Banking (Associate; Analyst) | Early career | Corporate finance and capital markets experience . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CCIM Institute | Certified Commercial Investment Member (credential) | N/A | Professional real estate investment competency . |
Fixed Compensation
| Component | Amount | Terms |
|---|---|---|
| Base Salary | $450,000 | Annual. |
| 2025 Set Bonus | $112,500 | One-time for calendar year 2025. |
| Target Annual Bonus (from 2026) | 50% of base salary | Payout based on performance achievement as determined by Board. |
| Sign-on Cash Bonus | $50,000 | Paid upon joining. |
Performance Compensation
| Incentive | Grant Value | Metric/Structure | Vesting |
|---|---|---|---|
| Sign-on RSU Grant | $1,150,000 | Time-based RSUs; not performance-conditioned; eligible for acceleration upon change-in-control or qualifying termination . | Four equal annual installments over 4 years . |
| Annual Equity (from 2026) | Not disclosed | Eligibility for one or more stock awards as determined by Board . | Typically time-based; specifics not disclosed. |
| Annual Cash Bonus | Target 50% of salary | Tied to Board-set performance criteria (metrics not disclosed). | Annual, subject to performance and service. |
Equity Ownership & Alignment
- Initial equity alignment via $1.15M sign-on RSUs, vesting over four years; time-based vesting and potential acceleration increase retention but can create selling pressure at vest dates .
- Clawback policy: Board-adopted clawback requires “covered executives” (including executive officers) to reimburse “erroneously awarded compensation” for three fiscal years preceding an accounting restatement (financial reporting measures) .
- Pledging: As of April 3, 2025, the company disclosed “No shares beneficially owned by any executive officer or director have been pledged as security” (company-level disclosure) .
Employment Terms
- Appointment and Agreement: CFO effective July 21, 2025, pursuant to an employment agreement entered June 25, 2025; expected execution of the company’s standard indemnification agreement .
- Severance outside Change-in-Control Window (3 months before to 24 months after CIC): Entitled to Accrued Benefits; additional severance terms per Employment Agreement (specific multiples not disclosed in summary) .
- Severance during Change-in-Control Window: Lump sum equal to 3x base salary plus two-year average annual bonus, prior-year earned unpaid bonus, prorated target bonus for year of termination, 24 months of health insurance at active-employee rate, and full vesting of time-based equity (e.g., Sign-on RSUs) .
- Restrictive covenants: Company executive employment agreements include non-competition, non-solicitation, non-recruitment, non-disparagement during employment and for 12 months thereafter; perpetual confidentiality .
Performance & Track Record
| Metric | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 |
|---|---|---|---|---|---|
| AFFO per diluted share ($) | — | 0.33 | 0.30 | 0.32 | 0.32 |
| FFO per diluted share ($) | — | (0.36) | 0.23 | 0.24 | 0.25 |
| Net income per diluted share ($) | — | (0.78) | (0.06) | (0.16) | 0.19 |
| Occupancy (%) | 98.9% | 97.7% | 96.3% | 97.8% | 98.0% |
- Capital markets execution: As CFO, Revol signed FVR’s $75M delayed-draw Series A Convertible Preferred Investment Agreement and related Investor Rights Agreement (board nomination, consent rights, standstill, and governance features), underscoring active capital strategy . He also executed credit agreement amendments and signatures on loan documents .
Compensation Structure Analysis
- Mix and vesting: Compensation has meaningful equity with four-year time-based RSUs, increasing retention and alignment; bonus target 50% of salary ties cash to performance .
- Change-in-control economics: 3x salary-plus-bonus multiple with full vesting of time-based equity (and 24 months health benefits) is generous and protective, possibly elevating potential transaction incentives .
- Clawback and governance: Presence of a compliant clawback policy mitigates pay-for-performance risk on financial restatements ; Compensation Committee is fully independent and uses an external consultant (FPC), supporting governance quality .
Risk Indicators & Red Flags
- Pledging/Hedging: Company disclosed no pledging by executive officers or directors as of April 3, 2025 .
- Clawback: Active policy reduces windfall risk on misstated results .
- Equity vest timing: Four-year RSU vesting may create scheduled selling pressure, especially if multi-year grants are layered .
- Say-on-pay: As an emerging growth company, FVR is not required to conduct say-on-pay votes, limiting direct shareholder feedback on executive pay .
Investment Implications
- Alignment and retention: A $1.15M sign-on RSU vesting over four years and a performance-tied bonus (50% target) indicate solid alignment and retention; expect potential selling pressure around annual vest dates .
- Transaction/capital strategy: Revol’s background (CyrusOne/Spirit) and immediate role in executing a $75M convertible preferred financing support capability to optimize cost of capital and liquidity; investor rights and consent structures suggest sophisticated stakeholder management .
- Change-of-control protections: 3x CIC cash multiple plus full vesting of time-based equity can be shareholder-neutral if coupled with value creation, but investors should note incentives under strategic reviews or M&A .
- Governance safeguards: Independent Compensation Committee and clawback policy mitigate pay-risk; no pledging disclosed reduces alignment concerns .