Paul Bacon is stepping down as chief executive for EMEA at Cushman & Wakefield.
He will be replaced by Carlo Barel di Sant’Albano, who has been chairman of the firm since March 2011. Sant’Albano takes over the role from 1 July.
Sant’Albano has been involved in the C&W business since 2007 when EXOR bought a majority stake in the firm. Since then he has been closely involkved with the business and since March last year has been responsible for the strategic oversight and stewardship of the firm on a global basis.
Bacon, who became EMEA chief executive in 2007, will remain with the firm until early 2013.
Until that time, he will continue to serve as a member of C&Ws EMEA board and as chair of the boards for Italy, France, Russia and Germany working closely with Sant’Albano on certain key strategic initiatives.
Bacon plans to establish his own business.
Glenn Rufrano, C&W global president and chief executive, said: “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.”
Bacon added: “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 realise my long held ambition of establishing my own business and to work as a principal at this stage in my career.”