Cushman & Wakefield has tapped a new chairman of the board, effective in early March. The new chairman, Carlo Sant’Albano, has served as CEO of Exor, Cushman’s majority shareholder, for the last five years.
Sant’Albano, who will be based in London, has been a member of Cushman’s board of directors since 2007. He plans to stay on the board at Exor, but will officially be “a Cushman & Wakefield employee,” said President and CEO Glenn Rufrano.
John Cushman, the current chairman, will become co-chair, according to Rufrano, who added that “that is the only change that will occur in title.”
Sant’Albano’s move from Exor to Cushman “shows the commitment Exor has in the long term to Cushman,” Rufrano said.
“It’s not a changing of the guard, it’s an augmenting of the guard,” he added.
Sant’Albano said in a written statement that he is “delighted to join such a dynamic group,” but a Cushman spokesperson said he declined to comment further.
Also today, Exor announced that current chairman John Elkann would take over Sant’Albano’s role as CEO at Exor.
IFIL acquired the majority stake in Cushman & Wakefield in April 2007, before merging with IFI and then becoming Exor.