Rufrano Speaks Out

NEW YORK CITY-Glenn Rufrano shocked the commercial real estate world Monday when it was announced that he was stepping down as CEO of Cushman & Wakefield. As the news settles in, he tells GlobeSt.com that his time as CEO of Cushman & Wakefield simply had run its course.

Says Rufrano, who was brought in by EXOR, C&W's majority shareholder, to turn the company around during the recession, “EXOR and I mutually agreed that it's time to part. The company is in great financial shape, we've grown our EBITDA by 17% and the balance sheet is pristine. That's not a bad time to part.”

Still, he recalls fondly his three years at C&W. “I've really thoroughly enjoyed working at Cushman & Wakefield, and building relationships [with our teams] in all part of the world,” Rufrano asserts. “We worked together to elevate the brand and to make sure everyone understood the quality of the brand.”

Still with Cushman for a 30-day transition period, Rufrano says his immersion in the company hasn't really allowed him to look ahead to the future. “We've been working hard to ensure a smooth transition; I haven't spent any time considering that.”

The 63-year-old Rufrano doesn't plan to slow down though, it seems. “My family would say take off and travel with us,” he says. “That's ok for two weeks, then I'm in trouble. So I'll figure it out, but I haven't figured it out yet.”