Opus Promotes Pete Conlon to CFO and Head of Capital Markets, Su O'Sullivan to EVP of Accounting

MINNEAPOLIS — Commercial real estate development, design, and construction firm Opus announced April 30 the promotion of Peter Conlon to chief financial officer and head of capital markets and Su O'Sullivan to executive vice president of accounting, both effective May 4, 2026. The moves are part of what the company describes as a "next generation strategic plan" aimed at accelerating growth through a more integrated approach to capital deployment.

Redefined CFO Role Places Capital Markets at the Center of Opus Strategy

Opus has restructured the scope of its CFO position to place greater emphasis on capital formation, capital relationships, and investment strategy. In his new role, Conlon will oversee Opus' financial strategy and capital markets platform, as well as all enterprise financial and control functions — including finance, financial planning and analysis, accounting, audit, and capital markets.

"I have significant confidence in Pete's ability to drive Opus forward in this expanded role. His capital markets expertise, shaped by more than two decades of industry experience, paired with his understanding of our strategic vision, operations and culture, make him exceptionally well-suited to lead our finance and capital expansion capabilities," said Matt Rauenhorst, president of Opus. "Pete's leadership will be critical as we work together to further accelerate performance and realize our future-state vision for sustained growth."

Conlon was previously executive vice president of capital markets at Opus and played a key role in shaping the firm's current strategic plan. He brings 23 years of industry experience spanning property acquisition, brokerage, development, and investment management. Since joining Opus in 2015, Conlon has structured and closed more than $3 billion in joint-venture partnerships supporting development across industrial, multifamily, student living, and senior living sectors nationwide. He also established the framework for Opus' joint venture platform with institutional investors.

"I'm thrilled by the opportunity to take on this new challenge at Opus and excited by the breadth and impact of this redefined CFO and head of capital markets role," Conlon said. "As we look to grow Opus, it's clear how an evolved approach to capital can be truly transformative for the organization, and I look forward to leveraging my experience to help realize that potential. I'm also excited to partner with Su O'Sullivan as she leads accounting and as we combine our complementary strengths as leaders to collectively empower the entire finance team to deliver meaningful value."

Conlon was selected for the position following a comprehensive search and evaluation process conducted in partnership with an external recruitment firm.

O'Sullivan Elevated to EVP of Accounting After 27-Year Tenure

Su O'Sullivan's promotion to executive vice president of accounting is designed to more fully leverage her depth in accounting leadership while supporting the broader expansion of Opus' financial structure. O'Sullivan has held roles of increasing responsibility across her 27-year tenure with Opus, progressing from project accountant to vice president of accounting. She brings expertise in financial analysis, enterprise payroll, project planning, and accounting, along with a track record of team leadership. Prior to joining Opus, O'Sullivan served as an auditor with KPMG.

"With the evolving scope of our CFO and head of capital markets role, we needed a trusted collaborator with both the depth and breadth of accounting acumen to support the business. Over her 27 years at Opus, Su has both led and advanced our accounting function while building a strong, high-performing team," Rauenhorst said. "Su is grounded in clarity, logic and integrity — both in the numbers and in the leadership she brings to her team and our broader enterprise."

O'Sullivan will report to Conlon, and both will serve as members of the Opus Executive Leadership Team. Conlon will continue to report to Rauenhorst.

"I have tremendous respect for Opus, our people and the value we create for our clients and partners," O'Sullivan said. "I'm thankful for the opportunity to continue building on my strengths, broaden my impact and help move the business and our team forward in meaningful ways. Pete brings a distinct perspective and background to his new role, and while our skill sets are different, they complement each other well. I'm excited to collaborate with him as we guide the company into its next phase of growth."

Leadership Transition Includes New Senior Capital Markets Role

As part of the transition, Opus said it will establish a new senior leadership role to support continuity within the capital markets function. The firm did not disclose additional details about that role.

Opus operates across industrial, residential, office, retail, and institutional projects, with a national footprint that includes offices in Austin, Charlotte, Chicago, Denver, Des Moines, Indianapolis, Kansas City, and Phoenix, in addition to its Minneapolis headquarters.

About Opus

Opus is a group of commercial real estate development, design, and construction companies headquartered in Minneapolis with offices and projects across the country. The firm operates through subsidiaries Opus Development Company, Opus Design Build, and Opus AE Group, offering an integrated design-build project delivery approach across industrial, residential, office, retail, and institutional projects.