Cushman’s interim CEO may stay on in position permanently

TRD New York /
Nov.November 18, 2013 08:34 AM

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


Related Articles

arrow_forward_ios
The analysis predicts that office vacancies across the world will continue upward (iStock)

Report: Office market won’t return to glory until 2025

Report: Office market won’t return to glory until 2025
Cushman & Wakefield CEO Brett White and Industrious CEO Jamie Hodari (Industrious; Cushman)

Cushman partners with Industrious in bid to bring the office back

Cushman partners with Industrious in bid to bring the office back
Cushman & Wakefield’s Brett White

Cushman & Wakefield reports $101M quarterly loss

Cushman & Wakefield reports $101M quarterly loss
IBM CEO Arvind Krishna

IBM narrows search for big Manhattan office

IBM narrows search for big Manhattan office
(iStock)

Look out below: Major real estate services firms brace for falling earnings

Look out below: Major real estate services firms brace for falling earnings
Shawn Mobley (left), is being replaced by Andrew McDonald (right) as CEO of the Americas at Cushman

Shakeup at Cushman: Mobley out, McDonald promoted

Shakeup at Cushman: Mobley out, McDonald promoted
Rich Barton, Howard Lorber, Jay Hennick, Brett White

Real estate firms are raising billions in debt and equity. Here’s why

Real estate firms are raising billions in debt and equity. Here’s why
Clockwise from top left: Vornado's Steven Roth, Newmark Knight Frank's Barry Gosin, Redfin's Glenn Kelman, SL Green's Marc Holliday, Marriott's Arne Sorenson, Zillow's Richard Barton, Realogy's Ryan Schneider, and Cushman's Brett White

A real estate earnings call season for the ages

A real estate earnings call season for the ages
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...