In one of the residential world’s biggest leadership shake-ups, Ryan Gorman, the CEO of brokerage behemoth Coldwell Banker, is leaving the company, The Real Deal has learned.
Coldwell Banker staff were told of Gorman’s departure at a town hall meeting Tuesday afternoon, according to sources present. The company is a subsidiary of Anywhere Real Estate, which like other residential brokerages, has struggled in the past few months in a high interest-rate environment which has seen transactions plummet. Anywhere’s stock is down 57 percent this year, and its market cap is now $805 million.
Gorman’s two top deputies were Liz Gehringer, who runs Coldwell Banker’s affiliate business and serves as COO, and David Marine, chief marketing officer. The firm’s agents collectively brokered $11.5 billion in sales volume in 2021, across over 10,000 transactions, according to Real Trends.
Gorman’s affiliation with Anywhere goes back nearly two decades. He took over as CEO of an affiliate, Anywhere Advisors, in 2004. In 2018, he was named president and CEO of NRT, the Anywhere company that at the time owned Corcoran Group, Citi Habitats and Sotheby’s International Realty. That move gave him oversight of day-to-day activities over company-owned brokerages under the Coldwell Banker banner. He was tapped to head Coldwell Banker at the start of 2020, overseeing 100,000 agents across nearly 3,000 offices worldwide.
Last year, he shepherded Coldwell Banker’s latest attempt at breaking into the New York City market, with the acquisition of Frederick Peters’ Warburg Realty.
The circumstances surrounding his exit remain unclear. Gorman has been active on the media circuit recently, doing an interview with Real Trends that published Monday in which he spoke about setting priorities for Coldwell Banker in 2023. He’s also slated to speak at an Inman event in January.
Anywhere confirmed the news in a securities filing later Tuesday. It also announced several other executive restructurings. Sue Yannaccone, Anywhere brands president and CEO, will expand her role to oversee Coldwell Banker. “This move unifies our brokerage business under one leader,” a representative for Anywhere said.
Don Casey, who heads Anywhere’s title and settlement services, insurance and mortgage and underwriter businesses, will also assume responsibility of Cartus, the company’s relocation business. Anywhere had a $400 million deal to sell Cartus in 2019, but the buyer backed out. (Anywhere accused the buyer of using the coronavirus pandemic as an excuse to back out of the deal, but a judge ruled against them and allowed the deal to fall through.)
Anywhere reported $55 million in third-quarter net income, down from $114 million in the same period last year. Like other big firms, it has engaged in a series of layoffs, with the target of trimming expenses by $70 million by the end of this year and by more than $300 million through the end of 2026.
Gorman’s base salary in 2021 was $750,000, up from $600,000 in 2020, SEC filings show. He also received $1.4 million in cash awards last year, a $600,000 bonus and $736,000 in stock awards, for a total compensation package of $3.5 million.
The post Ryan Gorman out as Coldwell Banker CEO appeared first on The Real Deal Los Angeles.
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