It's Official: Mosler to Take Reins of C&W Next Year

NEW YORK CITY-As GlobeSt.com predicted six weeks ago—and as the industry had speculated for months now—Bruce Mosler will be taking over as president and CEO of Cushman & Wakefield on Jan. 1, 2005. He replaces Arthur J. Mirante II. Mosler called Mirante a “mentor, partner and friend.” For his part, Mirante said Mosler had previously been “annointed, but not announced” and succeeded in every test thrown his way.

But as this morning’s press conference revealed, Mosler’s ascension to the prime chair, approved by C&W’s global board of directors yesterday, is not a stand-alone event. A beefed-up national retail presence and a global push that is farther flung than C&W’s current international platform are all planks in the platform of the new chief executive. Included in the global expansion are such still-untapped countries as Russia and Australia. The firm will also explore REIT opportunities and looks to focus on seven key-market urban areas on the retail initiative. Those targeted so far include New York, Los Angeles, Chicago, Boston, Dallas and San Francisco. “Changes emanate from our clients’ needs,” Mosler pointed out.

“We’ve never been better positioned. We’re entrepreneurial, private, virtually debt free and well capitalized,” Mosler said, while comparing C&W to its competition.The transfer of power caps a long and distinguished career for Mirante, who joined C&W in 1971. He took the reins in 1984 as C&W’s fifth CEO and is generally credited with parlaying the regional brokerage firm into the global powerhouse it currently is. On his watch, C&W jumped the Atlantic with what was originally a joint venture with Healey & Baker of London. Currently, Cushman & Wakefield boasts projected 2004 revenues of $900 million. The company ranks second only to CB Richard Ellis, which in 2003 rung up revenues of $1.6 billion. Mirante did not state what ongoing role, if any, he would be playing in C&W. However, Chair John Cushman said he “would always be an important part of C&W.”