Cushman's Big Move
CEO Glenn Rufrano's exit yesterday came with no explanation and only sparse praise in a company press release, leading some to theorize thatCushman is undertaking a muchbolder course in the face of intensified competition.
Here's Glenn, left, with C&W chief economist Ken McCarthy. His interim replacement will be chairman and EMEA CEO Carlo Barel di Sant'Albano, who ran Exor's acquisition of Cushman. The storied 96-year-old firm with offices in 60 countries faces heated recruiting from JLL and CBRE and continuing growth initiatives from Newmark, Cassidy Turley, Avison Young, and Colliers. Not to mention that former C&W execs like Colliers' Joe Harbert and AY's Art Mirante are poised to recruit locally.
We snapped Art back in October, warming up for his Avison Tri-State president gig. Cushman's options, say outsiders with no inside knowledge, include a sale in part or whole. (DTZ and more recently Savills have had talks with Cushman.) Exor CEO John Elkann says his company remains committed to Cushman's growth and Carlo and senior management can accelerate that while the company identifies the right leader for Cushman's next chapter. And with such a powerful brand and such a tremendous talent base, they note, no one counts Cushman out.
