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Insignia Douglas Elliman Taps Former WTC Director, Loses President

NEW YORK CITY-Geoffrey Wharton starts today as CEO of the residential brokerage arm of Insignia Financial Group Inc., while both the president and managing director of that program reveal plans to leave next year to start their own service business.

By Michael Gilliard | Updated on September 19, 2002

NEW YORK CITY-Just hours on the job, Geoffrey P. Wharton tells GlobeSt.com his plans as CEO of Insignia Douglas Elliman LLC will remain conservative for the next several months. He takes the helm of Insignia Financial Group Inc.’s residential real estate brokerage subsidiary on the same day that both the group’s president and executive managing director reveal a decision to leave and start their own service business.

Wharton, a 30-year New York industry veteran, tells GlobeSt.com he has no new hiring plans over the next several months, but that the group may be expanding further down the road. “We’re always looking to find new ways to expand,” says Wharton. “However, my goal right now is to maintain our position as leaders within the industry.” He steps into fold amidst the most profitable period in Insignia Douglas Elliman’s 91-year history, as the group has conducted $1.5 billion in transactions since January.

In addition to Wharton’s hiring, Elliman president Paul F. Purcell, and executive managing director Kathy Mayer Braddock today revealed plans to step down after the end of this year and form a new real estate services venture. Insignia claims that it will be a financial backer in the venture, pledging “support and endorsement” of the new business.

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