C&W seeks new CEO with international credentials

Cushman & Wakefield is looking for a new CEO with 'international experience' to replace the outgoing incumbent Glenn Rufrano.

'In our search for a CEO, we are looking for a leader with international operating experience, a people person with the right skill set, expertise and energy level to take the company further,' Carlo Barel di Sant'Albano, the company's board chairman and CEO of EMEA, told PropertyEU.

Sant'Albano will act as interim CEO until a new successor is found.

Speaking via telephone from New York, Sant´Albano said there was a 'significant' amount of work to do globally in terms of growing the business and client base and harnessing the talent already available within the company. Cushman & Wakefield will continue executing its strategy, he added. 'We delivered strong results in 2012, the business has low leverage and is well positioned to grow across regions.’

In the past, Sant’Albano has made no secret of his desire to expand the business in Asia and Latin America as well as the US and he did not rule out appointing a successor for the New York-based position from another part of the world. 'We're not closed to that idea, but it's not about where he or she comes from.'

Sant’Albano is not ruling out an internal candidate, but said nobody within the company had been specifically groomed for the position. He added that the company has become increasingly global in recent years and that it was important to find the right person to make the transition to the next phase. Knowledge of other languages and an understanding of different cultures would 'inevitably be positive', he noted.

Ideally, Sant´Albano hopes to find a successor within the next three to six months. ´I will be in this role for as long as necessary to find the right CEO for the business, but we’re not rushing to find a solution, we're doing it in an orderly fashion. We don’t have a specific date, it’s more important that we find the right leader.´

Nor is he concerned about the additional executive duties now on his plate. ‘I already travel regularly and am involved in many facets of the business. I can count on a talented and committed management team in each region. Given my understanding of the business it will be business as usual.’

The company did not give a reason for Rufrano's decision to step down before a new successor has been found, but in an interview with Globe.St.com, Rufrano said his time as CEO of Cushman & Wakefield had run its course. Rufrano and the company's Italian shareholder had mutually agreed that it was time to part, he added. 'The company is in great financial shape, we’ve grown our EBITDA (earnings before interest, tax, depreciation and amortisation) by 17% and the balance sheet is pristine. That’s not a bad time to part.'

While the move has been described as a 'shock' decision, Sant'Albano denied that it had come completely as a surprise and said that he understood the reasons behind it. 'Rufrano brought a tremendous amount of expertise to the table at a very difficult time following the financial crisis and he has helped navigate the company through it. He has stabilised the business, clearly defined our strategy and helped to execute it for the firm. We have always worked closely in executing the strategy and the dialogue has been very smooth. We are now amicably parting ways.'

Sant'Albano played a key role in hiring Rufrano in his former position as CEO of Exor, which has a majority stake in the advisory firm. Rufrano has been CEO of the company since early 2010 and will remain in place for a transitional period to assist the board and the senior management team.