Compass SoCal boss Nick Segal steps down

Mark McLaughlin, Kamani Lane to split up leadership duties in the region

TRD New York /
Dec.December 13, 2019 01:30 PM
From left: Mark McLaughlin and Nick Segal (Credit: Wikimedia Commons, Pacific Union)

From left: Mark McLaughlin and Nick Segal (Credit: Wikimedia Commons, Pacific Union)

Nick Segal is stepping down as co-president of Compass’s Southern California division after 16 months on the job, The Real Deal has learned.

Segal, who led Compass in the region since it acquired Pacific Union International in August 2018, confirmed his resignation in a phone interview Thursday, noting he will stay at Compass as an agent.

Mark McLaughlin, who also joined Compass from Pacific Union, will now split time as president in Compass’s Northern California and Southern California headquarters, Segal said, while Kamani Lane will continue in her role as the company’s Southern California co-president.

Segal initially took the president’s job, he said, to ease the transition of 140 Pacific Union staffers who joined Compass last year.

“I wanted to make sure to take care of and protect my people, and I did what I had to do,” he said.

Segal noted that the integration process was a massive undertaking, and a struggle at times given the different company ethos. “We had our own nomenclature,” he said of Pacific Union.

Still, Segal praised Compass for giving him the resources he needed, and stressed that his resignation was amicable. A former actor and nephew of acclaimed actor George Segal, he worked as an agent at Sotheby’s International Realty before starting Partners Trust in 2009. The firm was acquired by Pacific Union as part of an acquisition spree in which the San Francisco-based firm also absorbed John Aaroe Group and Gibson International.

Segal’s move is the latest shakeup for Compass, a New York City-headquartered brokerage which hit the Los Angeles market in 2015 and used its venture capital to pick up top talent as well as rival firms. Stan Richman, the brokerage’s first high-profile outside hire out west, stepped down as as regional vice-president in 2017.

Compass, valued at $6.4 billion after its Series G fundraising round in July, has recently closed two offices in Hancock Park and Brentwood. Its sky-high valuation, by far the highest among residential firms, has been questioned in the wake of the WeWork debacle, with critics asking whether it has a clear path to profitability and whether its technology really is a competitive advantage.

Segal made mention of the Brentwood office closure as an effort by Compass to reduce the firm’s “many moving parts.”


Related Articles

arrow_forward_ios
Keeping lawns freshly cut and outdoor spaces in tip-top shape could result in greater rewards for sellers. (Credit: iStock, IMDB)

Curb your enthusiasm: Homes with spruced-up outsides sell at premium

Elsa Segura (left) was arrested in connection to realtor Monique Baugh's (right) murder (Credit: iStock)

Second suspect charged in real estate agent’s abduction, murder

On Collaborative's Christine Lutz and CEO David Wolf

NRT sells On Collaborative by Coldwell Banker to division CEO

Clockwise from top left: John Gomes, Ronita Kalra, Eric Beniam and McKenzie Ryan (Credit: Getty Images, iStock, Wikipedia)

“We’re putting ourselves in situations where anything is possible”: Real estate agent’s killing rattles industry

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

35 Sidney Place (bottom) and 22 Lefferts Place (top) in Brooklyn

Brooklyn Heights townhouse is priciest Brooklyn contract

157 West 57th Street (Credit: iStock)

One57 condo with reduced ask tops a slow week of luxury contracts

Clockwise from top left: 730 Fifth Avenue, Unit #PH21; 730 Fifth Avenue, Unit #18A; The Pierre, Unit #3101; and The Park Imperial, Unit #64

Priciest homes listed last week include $60M pad at Crown Building

arrow_forward_ios
Loading...