Century 21 Real Estate today announced that President and CEO Tom Kunz has resigned, and that industry veteran Rick Davidson will replace him, effective immediately.
In June 2004, Kunz became CEO of Century 21, a subsidiary of the New Jersey-based Realogy.
Davidson was previously the COO of Coldwell Banker Real Estate — another Realogy brand — and president and COO of Coldwell Banker Commercial Affiliates.
“We thank Tom Kunz for his many years of service to the CENTURY 21 System, and we wish him well in the future,” said Alex Perriello, president of the Realogy Franchise Group, in a statement. “I am especially pleased that we were able to make this executive appointment from within Realogy, which speaks to the high level of managerial talent that exists across our organization.”
Previously, Davidson was the owner of franchise Coldwell Banker Commercial Capitol Realty Services in Washington, D.C. Before that, he spent nine years as managing director of CB Richard Ellis in Washington, D.C.
Coldwell Banker Commercial Affiliates today announced the promotion of Fred Schmidt, who will replace Davidson serve as the company’s president and COO.
Century 21 Real Estate is the franchisor of the Century 21 system, which includes 7,700 independently-owned and operated broker offices.
In Manhattan, Realogy brands include the franchise Century 21 NY Metro, as well as the Corcoran Group, Citi Habitats and Sotheby’s International Realty, which fall under the umbrella of NRT, the nation’s largest residential real estate brokerage company. NRT, a subsidiary of Realogy, operates Realogy’s company-owned real estate brokerage offices.
Coldwell Banker Hunt Kennedy closed its doors in 2009.
Realogy has faced tough times in the recession.
The company did not respond to questions about why Kunz resigned.