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NEW YORK CITY-Cushman & Wakefield on Thursday said that Bruce Mosler, its president and CEO, has been named co-chairman of the board, alongside John C. Cushman III. Mosler will focus on C&W’s global brokerage business, developing major accounts and serving key clients, while continuing to serve on the board of directors.

In a release, C&W says its board of directors has established a search committee to identify a new CEO and has retained Spencer Stuart to assist in the search. Mosler will continue in his role as president and CEO until his successor joins the firm.

Carlo Sant’Albano, CEO of EXOR, C&W’s majority shareholder, says in a statement, “In his new responsibility, Bruce will play a critical role in continuing to enhance the Cushman & Wakefield global brand. He is in a unique position to leverage the firm’s vast service offering and talent around the world on behalf of clients.”

Sant’Allbano adds Mosler has played “a critical role” as CEO. “Under his leadership, Cushman & Wakefield doubled its revenue from 2005 through 2008. He also enhanced the firm’s global platform by diversifying operations both geographically and by service offering. In addition, Bruce has been instrumental in realigning the company in response to the difficult market conditions, and EXOR is committed to supporting Cushman & Wakefield for the long term.”

Mosler in a release says it’s “the right time to make this move. We have accomplished a number of objectives in the last five years and have weathered the worst of the economic downturn. This change will allow me to continue to provide strategic direction for the firm, while working directly with clients and having a direct impact on our brokerage business. Both EXOR and I believe that in this role I can have the greatest impact and pursue my passion, interfacing with our major clients.”

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