HomeServices of America is shaking up its head role.
Gino Blefari is stepping down after five years atop the brokerage and is assuming the role of chairman emeritus, effective immediately, the firm announced. Executive vice president Chris Kelly will now serve as president and CEO.
Blefari will remain with the organization in an advisory capacity, including working with the brokerage’s franchise network.
Kelly has been with HomeServices — the country’s fourth-largest brokerage, according to RealTrends — since 2007. He previously served as president and CEO of the Ebby Halliday Companies of North Texas, the region’s largest independent brokerage.
Blefari’s time at the helm of the brokerage saw some of the most turbulent moments in recent memory for residential real estate.
HomeServices of America struck a $250 million deal to settle claims that it violated antitrust laws by conspiring with the National Association of Realtors to inflate agents’ commissions. At the time, the settlement added to similar payments by Compass, Douglas Elliman and @properties that brought the total to just under $1 billion.
The firm came under scrutiny alongside the National Association of Realtors and Keller Williams as a defendant in the Missouri-based case known as Sitzer/Burnett. The suit ultimately resulted in the record settlements to assuage renewed antitrust scrutiny by the Department of Justice.
Blefari recently made headlines when he denied a bombshell Wall Street Journal report that residential giant Compass was in “advanced talks” for a deal to acquire HomeServices.
“I want to confirm to you that there are no discussions, negotiations, or agreements to sell HomeServices or any of its affiliated companies, and that includes the Berkshire Hathaway HomeServices franchise business,” wrote Blefari in a note last month to brokers and employees.
“Moreover, no such sale is being contemplated,” he said.
Compass has not commented publicly on the reported talks.
Jake Indursky contributed reporting.