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Cushman & Wakefield CEO stepping down

Glenn Rufrano’s three-year tenure at the global property services firm is coming to an end, as his duties are passed to chairman Carlo Barel di Sant’Albano.

Glenn Rufrano, the chief executive officer of global property services firm Cushman & Wakefield, is stepping down after more than three years in charge.

The firm announced today that chairman Carlo Barel di Sant’Albano will be assuming the role on an interim basis. He will continue in both roles until a successor is appointed, the firm noted, adding that Rufrano will remain with the company for a transitional period “to assist the board and the senior management team in ensuring a smooth transition.”

John Elkann, chairman and chief executive officer of EXOR, Cushman’s majority shareholder, said: “In recent years, Cushman & Wakefield has made great strides in reorganizing its business operations, and it 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, 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.”

Cushman is best known for its property services but, like its rivals CBRE and Jones Lang LaSalle, it owns a property investment management business, Cushman & Wakefield Investors. The Europe-focused platform manages more than €1.2 billion of assets, predominantly in London, Frankfurt and Paris.