NEW YORK CITY-Cushman & Wakefield announced Monday that CEO Glenn Rufrano has stepped down. C&W also revealed that it has appointed Carlo Barel di Sant'Albano—currently chairman of the company's board of directors—as interim CEO. Watch for an UPDATE with input from Rufrano later today.
Sant'Albano tells GlobeSt.com that the departure was “amicable” and that the firm's executives simply felt the company was ready for a new chapter. “There's been a tremendous amount accomplished, Glenn provided a stability we didn't have during the crisis, and people felt this was the right time to move forward.”
Sant'Albano has been closely involved in the business activities of the company as a member of the board of directors of C&W since 2007 and as chairman since March 2011. During this time he has been responsible for the strategic oversight and stewardship of the firm on a global basis. Sant'Albano joined C&W from EXOR, where he was instrumental in the acquisition of a majority stake in C&W in March 2007, according to the announcement.
Sant'Albano will continue to serve as chairman of the C&W's board and CEO of the EMEA operations in addition to taking on these additional responsibilities until a new CEO is appointed.
Given Sant'Albano's close ties to the company, not much will change within C&W's offices, he says. “I provide a stable change because I'm very familiar with the company, so it's business as usual. The only change is the fact that we will be looking for a new CEO.” He expects the search to take place “over the next few months,” he says, noting there is no specific target date in site. “I will be available as long as I'm needed. “
Sant'Albano splits his time between New York and London, which will continue, but he will up his time here from one week a month to two or three. He doesn't have designs on becoming C&W's permanent CEO, he notes.
Rufrano has been CEO of Cushman since early 2010 and will stay with the company for a transitional period to assist the board and the senior management team in ensuring a smooth transition, the announcement states.
Says John Elkann, chairman and CEO of EXOR, C&W's majority shareholder, in the announcement, “In recent years, Cushman & Wakefield has made great strides in reorganizing its business operations, and is now well positioned to capture the opportunities presented by a recovering market. Substantial investment has been made in the business over the last few years both to strengthen the teams and the infrastructure.
“With the leadership of Carlo and the senior management,” he continued, “we have the right team in place to accelerate on that path while we identify a new leader for this next chapter in the firm's development. I wish to thank Glenn for his valuable contribution in stabilizing the company following the recession, providing a platform to launch this exciting new phase.”
Come back to GlobeSt.com later today for an UPDATE with a Glenn Rufrano interview.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
