Compass is losing its brokerage head in California.
Mark McLaughlin is leaving the firm on Sept. 30 to reboot his venture capital firm, McLaughlin Ventures, Inman reported, citing an internal email.
He will still serve as a strategic advisor to Compass, but will formally step away from full-time, day-to-day operations.
In October, he plans to relaunch McLaughlin Ventures, focusing on real estate technology and mortgage industries. Last month, Compass said it was launching a digital mortgage origination business with Guaranteed Rate.
In his email to Compass California employees, McLaughlin said the firm is in the “best shape it has ever been.”
In Southern California, Compass recently lost a nine-agent team to Mauricio Umansky’s The Agency. The company’s also lost as much as $3 billion in share value after going public earlier this year. The stock has since regained some of that value.
[Inman] — Isabella Farr