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 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.”

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