Cushman & Wakefield has announced that its Chairman of the Board, Carlo Barel di Sant'Albano, will oversee the firm's operations in Europe, Middle East and Africa (EMEA). He has been named Chief Executive Officer of Cushman & Wakefield, EMEA with effect from July 1, 2012.
This succession plan will see Paul Bacon, Cushman & Wakefield's Chief Executive Officer of EMEA since 2007, step down from his current role. Bacon will leave the firm in early 2013, and, until that time, he will continue to serve as a member of Cushman & Wakefield's EMEA Board and as Chair of the Boards for Italy, France, Russia and Germany working closely with Barel di Sant'Albano on certain key strategic initiatives.
Barel di Sant'Albano was appointed Chairman of the Board of Directors of Cushman & Wakefield in March 2011 and is responsible for the strategic oversight and stewardship of the firm on a global basis. He previously served as Chief Executive Officer of EXOR and was instrumental in its acquisition of a major stake in Cushman & Wakefield in March 2007. Since then he has been closely involved in the business activities of the firm and prior to becoming Chairman of the Board, served as a member of the Cushman & Wakefield board.
Barel di Sant'Albano is a graduate of Brown University and holds an MBA from Harvard Business School. He previously had a 20 year career in Investment Banking latterly with Credit Suisse. He is based at Cushman & Wakefield's European headquarters in London.
Paul Bacon began his long and successful career with Cushman & Wakefield (then Healey & Baker) in1984 and went on to found the firm's market-leading Italian operations in 1990 and the expansion into the Central and Eastern European countries. He was appointed Chief Executive Officer of the firm in EMEA in 2007 succeeding John Travers. Bacon was also a member of the Global Board of Cushman & Wakefield and has been instrumental in implementing a number of key global growth initiatives in EMEA.
Glenn Rufrano, Global President and CEO of Cushman & Wakefield; "Paul has led our EMEA operations during one of the most challenging periods for the real estate industry and during his long career has made an outstanding contribution to the firm. We are well positioned to continue growing our business in the EMEA and I look forward to working with Carlo and our EMEA board as we execute our growth strategy in the region."
Paul Bacon, CEO of Cushman & Wakefield in EMEA, "It has been a privilege to have played a major role in the growth and expansion of the firm over many years into the leading global force Cushman & Wakefield is today. I now look to realize my long-held ambition of establishing my own business and to work as a principal at this stage in my career."
Source: Cushman & Wakefield