The Real Deal New York

Mitch Rudin makes surprise departure from Brookfield

Boss of company's US commercial operations gives no reason for sudden move

June 06, 2014 01:30PM

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Brookfield's Mitch Rudin

Brookfield’s Mitch Rudin (credit: STUDIO SCRIVO)

Mitch Rudin, president and CEO of Brookfield Office Properties’ U.S. commercial operations, is leaving the company.

Rudin’s departure was announced earlier this week. The reasons for his stepping down were not immediately clear, and he did not respond to Crain’s requests for comment. A person familiar with the situation told the news site that the decision to leave was mutual.

Rudin presided over several of the company’s important leasing and development projects of late, including Brookfield Place in Lower Manhattan and the construction of Manhattan West in the Hudson Yards district.

In response to Crain’s request for comment, Brookfield said he accomplished much of what he set out to do upon joining the company, and that his “capabilities would not be fully utilized going forward” as Brookfield transitions from a public company into a private one.

The company also appears to be doing away with Rudin’s position, head of U.S. operations. Company management began undergoing a reshuffle in 2012, when longtime executive Dennis Friedrich became Brookfield’s CEO and Ric Clark, his predecessor in that role, was named chairman of the corporation’s board. Friedrich will now take over many of Rudin’s former responsibilities, a source told Crain’s.

Rudin was Brookfield’s highest paid executive in 2011, raking in over $6 million in total compensation, according to Morningstar data cited by Crain’s. [Crain’s]Julie Strickland

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