Cushman’s interim CEO may stay on in position permanently

November 18, 2013 08:34AM

Cushman & Wakefield’s executive chairman Carlo Barel di Sant’Albano, who took over as interim CEO after Glenn Rufrano’s abrupt exit in June, may remain in the position in a long-term capacity.

Di Sant’Albano led the acquisition of a controlling interest in Cushman in 2006, as CEO of Exor SpA, the investment company controlled by Italy’s Agnelli family. In 2010, he became executive chairman of the brokerage, which Exor SpA still controls, and stepped in to run the firm on a short-term basis after Rufrano’s exit. But his success as interim CEO — the firm’s revenue was $1.66 billion in the first nine months of 2013, up from $1.39 billion for the same period in 2012 — has led many top brokers at the firm to push for him to stay on, the Wall Street Journal reported.

Di Sant’Albano declined to comment on the status of his position, but told the Journal that if Cushman had both an executive chairman and a CEO, they would make “a tremendous team.”

To remain in the position, he would have to get the approval of Shahriar Tadjbakhsh, Exor SpA’s chief operating officer and the head of the search committee tasked with finding Rufrano’s replacement, according to the Journal. Tadjbakhsh’s fractious relationship with Rufrano was one of the key reasons for the latter’s departure, sources told the newspaper.

Last week, Rufrano rejoined Manhattan-based real estate investment firm O’Connor Capital Partners, where he was a founding partner. [WSJ]  – Hiten Samtani