Cushman & Wakefield names interim CEO to replace Rufrano

June 10, 2013 11:00AM

Glenn Rufrano is out as CEO of Cushman & Wakefield, according to a statement from the commercial real estate services firm this morning.

Carlo Barel di Sant’Albano, international operations chief, has been named “interim CEO,” the statement said. Rufrano will remain on staff “for a transitional period to assist the Board and the senior management team in ensuring a smooth transition,” per the statement from Cushman, and Sant’Albano will continue as chairman of the Board of Directors and CEO of the Europe, Middle East and Africa operations. He officially joined the firm in 2011 from EXOR, the Italian investment company of the Agnelli family that owns Cushman.

Rufrano was the head of an Australian-based owner of shopping centers when he replaced outgoing CEO Bruce Mosler in 2010, as reported by The Real Deal. Sant’Albano, who was a CEO of EXOR at the time, hired Rufrano for the role.

Sant’Albano said Rufrano, who will stay on board for the next month, handled the first steps of the firm’s recovery from the financial crisis admirably.

But now, the firm is moving onto the next phase, he said.

“We need new energy to accelerate growth,” Sant’Albano said. “The time has come and it makes sense to look for a new CEO.” – Mark Maurer