UPDATED, Jan. 11, 4:20 p.m. — A global real estate franchisor is in search of new leadership after announcing the pending departure of its chief executive.
RE/MAX Holdings CEO Adam Contos is leaving at the end of March, the company RE/MAX announced Tuesday. The RE/MAX parent company said Contos, who has been CEO since 2018, is leaving his post to spend more time with his family and pursue other opportunities.
RE/MAX Holdings has appointed board member Stephen Joyce to serve as interim CEO after Contos’ departure, after the two serve as co-CEOs beginning March 1. Joyce previously served as the CEO of restaurant franchisor Dine Brands Global and, prior to that, as the CEO of Choice Hotels International.
Nick Bailey has been named the CEO of RE/MAX, effective immediately, adding to his current title as president.
Contos joined RE/MAX in 2003 after a career in law enforcement. He became a regional vice president in 2007 and was promoted to vice president, Region Development in 2013. From there, Contos ascended to the Senior Vice President of Marketing in 2015, COO in 2016 and co-CEO in 2017 before being named to the executive role in February 2018.
The company said in a release it intends to form a search committee to help pick the next chief executive of the company, evaluating both internal and external candidates for the role.
News of Contos’ departure comes after RE/MAX reported revenue and adjusted EBIDTA reached all-time highs in the third quarter, but net profits and agent growth didn’t meet expectations, the holding company reported. The growth was attributed to the RE/MAX INTEGRA North American regions acquisition, fewer agent recruiting initiatives and increased broker fees.
This post has been updated to correct the description of RE/MAX Holdings as a global real estate franchisor.