Commercial real estate giant Cushman and Wakefield announced that CEO Glenn Rufrano is stepping down.
Carlo Barel di Sant’Albano was named as the interim CEO to replace Rufrano, who had been CEO of the company since early 2010 and “will remain with the Company for a transitional period to assist the Board and the senior management team in ensuring a smooth transition,” according to a press release from the company.
“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,” said John Elkann, Chairman and CEO of EXOR, C&W’s majority shareholder in the release.
“Substantial investment has been made in the business over the last few years both to strengthen the teams and the infrastructure. We remain committed to supporting C&W’s growth, enabling it to achieve its full potential. With the leadership of Carlo and the senior management, 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.”
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 that time he had 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.
“Cushman & Wakefield has produced some great work over the past few years, including executing
the world’s highest profile real estate transactions. Our employees have been at the heart of this success and I welcome this opportunity to help lead them into this next stage. I am confident that together we will continue to enhance and extend C&W’s leadership position in the commercial real estate services industry,” said Sant’Albano.Sant’Albano spent 20 years in investment banking, most recently with Credit Suisse. He is a graduate of Brown University and holds an MBA from Harvard Business School.