September 15, 2016
Boyle’s New CFO Brings Investment Banking Background to Post
The Memphis News
Memphis-based Boyle Investment Co. has shaken up its executive staff in promoting Matt Hayden as CFO and treasurer. Hayden joined the real estate company in 2014 as part of a succession plan for Charles Claiborne, who held the position since 1983.
Claiborne will remain at Boyle as a consultant for special projects while Hayden takes over financial accounting and reporting as well as tax planning and compliance for the company’s development endeavors.
Hayden’s promotion comes at the same time Boyle announced construction of a new $20 million, five-story office building in Ridgeway Center. It will be Memphis’ first substantial office project with speculative space in nearly 10 years.
Q: What attracts you to field of commercial real estate?
A: Commercial real estate is an interesting industry where I spent a little time in the investment banking field. Boyle is a developer, owner and manager of real estate, which exposes you to multiple aspects of the industry. That, coupled with Boyle’s long history and excellent reputation, made this opportunity very attractive.
Q: What were your primary responsibilities when you joined Boyle Investment Co. and how has your role changed as CFO?
A: I joined in March 2014. From Day One I began to learn the job and responsibilities from Charles Claiborne. Over this time period, I continued to take on more and more CFO responsibilities.
Q: You’re taking over the reins from Charles Claiborne, who has been Boyle’s CFO for 33 years. What are some key ways that financial reporting and accounting have changed in recent years, and how are you prepared to meet those changes?
A: Property accounting regulations seem to change frequently and something that we stay up to date with. With regard to reporting, our new accounting and property management system enabled more real-time reporting among our accounting, property management and development teams.
Q: Could you briefly explain Boyle’s new accounting and property management software that you oversaw and how it is a game changer for a 83-year-old company?
A: We chose to implement Yardi Systems. Yardi is a well-known software company in the commercial real estate industry. The new system integrates our property management and accounting platforms. It is a cloud-based SaaS system, which is more and more common of software providers today.
Q: In what ways does your previous experience as senior vice president of Wunderlich Securities and first vice president of Morgan Keegan & Co. carry over to how you’ll lead as CFO of Boyle?
A: Investment banking provides a breadth of knowledge and experiences very similar to CFO roles. From how companies operate, how they are financed, etc. Many times our primary point of contact with companies we were doing M&A transactions with was a company CFO, so you are able to learn the role side by side some industry professionals.
Q: Your promotion comes shortly after Boyle finished construction on a major quadrant of Shilling Farms, with a newly opened office building and an upcoming retail strip and second phase of the Carrington apartment complex. What were some of the financial responsibilities you held during that project and how will you help carry construction to the finish line as CFO?
A: We have a number of projects going on in Memphis and Nashville and the CFO is responsible for communications with financing partners and working with our development team tracking project costs and budgets.