As Longtime CEO Retires, Opus Unveils a Blueprint for the Future

Tim Murnane, Opus President & CEO, to retire after 38 years with the company; Matt Rauenhorst named his successor; Phil Cattanach to return as President & CEO of Opus Development Company

MINNEAPOLIS, May 20, 2025 /PRNewswire/ -- Tim Murnane has announced his retirement as President & Chief Executive Officer of Opus, working through the end of 2026, at which time he will have given 38 years of service to Opus and 46 years in the commercial real estate industry. Matt Rauenhorst, currently President & Chief Executive Officer of Opus Development Company, has been selected by the Opus Board of Directors to succeed Murnane. A structured transition will take place over the next 18 months. Phil Cattanach, formerly of Opus, will return to assume the role of President & Chief Executive Officer of Opus Development Company upon Rauenhorst's succession to his new role.

"We're navigating significant change at Opus, but through our ongoing succession planning discipline we're well prepared," said Bob Underhill, Chair, Opus Board of Directors. "Opus would not be what it is today without Tim Murnane's skillful leadership, real estate expertise and unwavering commitment to Opus and during his 38-year career here. It has been a joy and an honor working with Tim, and while it's difficult to envision our organization without him, I'm thrilled for him to be embarking on his next chapter. The entire Opus Board is confident in the vision and ability of both Matt Rauenhorst and Phil Cattanach as they take on their new roles in support of the next generation of Opus."

Tim is a leader, mentor, entrepreneur and real estate expert who has made an indelible impact on Opus, its team and the broader industry during what will be his 38-year tenure. Aside from its founder, Gerry Rauenhorst, Murnane is the longest seated Chief Executive Officer in the organization's 73-year history. His development portfolio is remarkable, but perhaps most notable during his tenure is how, as President & Chief Executive Officer, he led and drove the post-GFC transformation of Opus and its business performance and success while positively impacting its team and preserving the best of its culture and core values. His commercial real estate career is storied and his development work, leadership efforts and commitment to community have had a collective ripple effect throughout the country, the industry and the Opus organization and team.

"I'm grateful to the Rauenhorst family and the Opus organization for the opportunity I've had to lead and work alongside this outstanding team of professionals to deliver some pretty amazing real estate over the years, both as a development leader and as President & Chief Executive Officer," said Murnane. "Perhaps I'm most proud of how we've built a team who lives our core values, fosters the kind of culture folks want to be a part of and where associates understand their job is to both deliver for our clients while also continuing to build upon the legacy that Gerry started. I'm proud of what we've created working together."

Rauenhorst will assume the role of President & Chief Executive Officer of Opus over the next 18 months in a two-part transition. Effective June 25, 2025, the President & Chief Executive Officer role will bifurcate into two roles. Rauenhorst will assume the role of President of Opus with primary accountability for business partner service functions, and Murnane will retain the role of Chief Executive Officer of Opus with primary accountability for the three subsidiary operating companies. They will work collaboratively to lead the business and organization in partnership through year end 2026 when Murnane retires. At that time, Rauenhorst will assume the full role of President & Chief Executive Officer of Opus with oversight of the collective executive leadership team inclusive of both the operating company leaders and business partner services leaders.

"I've known Matt for over 20 years, and in that time I've had the opportunity to work with him and experience the tremendous value that he brings to Opus with his unique blend of skills, expertise and perspective. His strategic outlook, tenacity and drive for performance and results, combined with his strengths as a leader, who walks the talk when it comes to our values and culture, make him an excellent choice to lead this organization," said Murnane. "I'm excited for the opportunity to now partner with Matt, a great developer and leader, as he prepares to step into the role of President & Chief Executive Officer. I'm confident he's ready and well-poised to take Opus to the next level."

Rauenhorst first began working within the Opus organization in 1997 as an hourly laborer in the shop, transitioned to union field labor in 1998 and in 2001 interned within the development team while pursuing his college degree. Upon graduation, he made the intentional decision to seek experience in real estate roles outside the organization, with Frauenshuh Commercial Real Estate, United Health Group and Habitat for Humanity, before returning to Opus in 2008 as Senior Director of Development. Rauenhorst went on to earn several promotions of increasing responsibility – in 2016 to Vice President of Real Estate Development; in 2019 to Executive Vice President of Real Estate Development; and in 2023 to President & Chief Executive Officer of Opus Development Company. His development portfolio and contributions during his tenure with Opus are vast as is his involvement externally in industry and community stewardship activities. Rauenhorst earned his Bachelor of Arts in entrepreneurship from the University of Saint Thomas and Master of Business Administration in real estate and urban land economics from the University of Wisconsin. 

"Tim's extraordinary in the way he leads people and develops real estate and relationships in support of the business and remarkable in how he's grown our culture and core values. I'm grateful to have had the chance to learn from Tim Murnane in my time here and now to get to work alongside him during this transition," said Rauenhorst. "Since my early years, I have aspired to this role and knew it would take decades of work to truly earn it, and I'm honored to now have the opportunity. The legacy that started with my grandfather, was nurtured by my father and transformed by Tim, is one that I'm thrilled to both preserve and also continue to evolve in a purpose-driven and client-centric way." 

Also on June 25, former Opus development leader Phil Cattanach will return to Opus to assume the role of President & Chief Executive Officer of Opus Development Company vacated by Rauenhorst as he succeeds Murnane. Cattanach will provide executive leadership and set the overall strategy for real estate development across the platform and directional oversight and leadership of the development team. His unique combination of skills, expertise and leadership combined with his previous experience at Opus collectively make him well suited to deliver success in this role.

"In Phil's 16-year tenure with Opus, I've watched him consistently perform, deliver and seek opportunities to grow his capabilities. I've also seen his skills as an innovator, collaborator and coach and observed his commitment to our culture and core values through the work he does at Opus and in the community," said Murnane. "Phil is a great leader and developer, and we're fortunate to have him leading our development platform across the country."

Cattanach originally joined the Opus organization in 2004 as an Associate Project Manager within the construction business after serving five years in the United States Army as a Platoon Leader and Company Executive Officer; he was later promoted to Project Manager after a serving another 18 months as an Army Company Commander. In 2013, he pivoted his career to a Senior Manager role within the Opus real estate development team, where his work earned him multiple subsequent promotions, each with increasing responsibility – Director in 2015, Senior Director in 2017, Vice President & General Manager in 2019 and Senior Vice President & General Manager in 2022. Cattanach has served as Executive Vice President of Commercial Development for United Properties for the past two years.

Cattanach earned a Bachelor of Science in civil engineering from the United States Military Academy at West Point and a Master of Business Administration from the University of Saint Thomas, Opus College of Business. 

"I'm thrilled to have the opportunity to return to Opus in this new capacity," said Cattanach. "The way Opus delivers real estate for its clients is truly differentiated, as are the professionals doing the work and the values with which they do it. I'm excited to be back at the table as part of this vertically integrated team of experts, to be leading the real estate development platform nationwide and to be building on an amazing legacy. The future vision for Opus is inspiring and I see great potential ahead."

Opus proactively maintains an ongoing succession practice to inform its Board of Directors and to provide continuity and clear direction during such transitions. Through that succession planning process multiple individuals were identified and thoughtfully evaluated for the role. Rauenhorst ultimately earned this promotion based on his combination of business acumen, real estate expertise and leadership skills, along with his consistent track record of achieving results while living our core values. His succession to this role also marks a meaningful milestone, as he will be the third Rauenhorst family member to hold the position, an honor previously held by his father and grandfather.

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. Opus operates as a vertically integrated multidisciplinary team with expertise in development, capital markets, finance, project management, construction, architectural design and engineering services. Opus includes Opus Holding and its operating subsidiaries: Opus Development Company, Opus Design Build and Opus AE Group. Specializing in industrial, residential, office, retail and institutional projects, Opus offers the unique combination of a design-build project delivery approach, driven by a client-centered team of experts and backed by enduring commitment to the community. For more information, visit www.opus-group.com and follow Opus on LinkedIn and Instagram.

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