Appraisal management company Class Valuation has announced that its president, John Fraas, has been promoted to chief executive officer.
Class Valuation was acquired by Narrow Gauge Capital in partnership with former Accenture executive Mike Detwiler in March of 2018. Detwiler was named Class Valuation’s CEO in December 2018. Since the investment, the company has grown by more than 100%.
Since the acquisition, Detwiler and Fraas have worked together to hire key leadership, Class Valuation said in a news release.
“John Fraas has focused on driving operational efficiencies and improving customer service over the past two years, and has proven his ability to lead organizational change while the company has experienced tremendous growth,” Detwiler said. “We have been tremendously thoughtful in our investments in people, technology, and processes. I am confident there is no better person to continue to lead our innovation and growth initiatives than John Fraas – and he will do so while retaining focus on the service model that has enabled us to become an industry leader.”
“During my two years at Class Valuation, it’s been tremendously rewarding to work with an exceptional group of people to drive the company’s growth and position it for the future,” Fraas said. “With the groundwork laid, I am excited to take Class Valuation forward, setting our sights on growth through service while transforming the appraisal space as we know it.”