Freeman names new chairman, CEO

Longtime counsel Aiello tapped for top job

‘‘We have found the perfect person to lead the CMF Companies into the next phase of the business,” said Stephen Huttler, prior chairman of the board. ‘‘Tom brings strong leadership, unparalleled knowledge and connections in the real estate marketplace, and a solid understanding of this company and its employees.”

Michelle D. Freeman, widow of Joshua Freeman and a member of the company board of directors, said she is pleased with the selection.

‘‘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,” she said. ‘‘I couldn’t be happier about this selection.”

The company was founded by Carl M. Freeman in 1947 and was led by his son, Joshua, from the early 1990s until his death. The company focuses on commercial and community development and redevelopment.

Aiello credits Joshua Freeman’s family for making the commitment to continue the business after his passing.

‘‘It was a big decision, and the fact that Michelle made the decision to continue goes to her belief in the assets of the business, the people of the business and the future of the business,” he said. ‘‘We have a big stake in Olney, and will continue to have.”

Aiello does not envision major changes for the company and says its commitment to the Olney community remains strong.

‘‘We are absolutely going to keep the company in Olney,” he said. ‘‘We have a great core of people working for us, and one of my goals is to keep them here.”

Aiello said there is a great deal of work to be done on the redevelopment of the Olney Town Center shopping center, expected to begin in late 2009 or early 2010.

‘‘It’s going to be a lot of work,” he said. ‘‘We’ve had wonderful response from tenants and lenders; we just need to do the blocking and tackling and get this project off the ground.”

Aiello most recently served as the managing director of Alvarez & Marsal Taxand LLC, where he counseled clients on income tax and business matters.

Prior to that, Aiello founded Aiello & Associates, an independent tax consulting firm focused on the real estate industry. Previously, he served as a partner at Arthur Andersen, the former well-known accounting and consulting firm.

Aiello graduated in 1971 from Stetson University with a Bachelor of Arts degree in business administration. He earned a law degree from Georgetown University Law Center 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.

Aiello said he is honored by the opportunity to serve the Freeman organization and family.

‘‘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,” he said.