Glenn Rufrano resigned as Cushman & Wakefield’s chief executive officer after three years in the position, and will be temporarily replaced by Carlo Barel di Sant’Albano, chairman of the real estate brokerage.
Rufrano will remain with the company for a transition period, according to a statement today from New York-based Cushman, the world’s largest closely held commercial-property firm. He joined Cushman in February 2010 after being CEO of Centro Properties Group, which was then Australia’s second-biggest retail real estate investment trust.
The change was a “mutual, amicable departure,” with the timing “fairly natural,” Sant’Albano said in a telephone interview. “Both he and I and the board felt this actually was a natural time for this change. It’s a good time for a new leader to come on board and move us to the next phase.”
Cushman’s earnings before interest, taxes, depreciation and amortization grew to $128 million last year from $93 million in 2010, the company said. Rufrano made a “valuable contribution in stabilizing the company following the recession,” John Elkann, chairman and CEO of Exor SpA, Cushman’s majority shareholder, said in today’s statement.
Sant’Albano will serve as interim CEO role while remaining chairman of Cushman and CEO of the company’s European, Middle Eastern and African operations. He has been on the firm’s board since 2007 and chairman since March 2011, and was previously at Exor, where he helped with the acquisition of its majority stake in Cushman six years ago.