Shawn Mobley, CEO of the Americas for Cushman & Wakefield, has left the firm. In a letter to friends and colleagues, Mobley said he will spend more time with family and organizations he's involved in and plan his next career move. "While I'm not sure where this all heads exactly, I know there's something great right down the road," Mobley wrote. Visit Business Insider's homepage for more stories.
A high-ranking executive at the real-estate services and brokerage firm Cushman & Wakefield has abruptly left the $2.6 billion public company. Shawn Mobley, chief executive of the Chicago-based company's operations in the Americas, stepped down from the role, according to an email written by Mobley and distributed to staff at the firm. Several sources at Cushman confirmed Mobley's departure to Business Insider, but said they could not comment because they were not authorized to speak publicly. Andrew McDonald, who most recently had served as the president of Cushman's regional operations on the West Coast, has replaced Mobley in the role of CEO of the Americas. "After 9 amazing years at Cushman & Wakefield, I'm stepping down from my role as CEO of the Americas to reassess and pursue the next chapter of my career," Mobley said in the memo, which was addressed to friends and colleagues and reviewed by Business Insider. Mobley stated that he was "reassessing and refocusing both my personal and professional priorities" and would spend more time with family, organizations he was involved in, and his brother's solar power company US Solar, where Mobley is a board member. He acknowledged that he didn't have a new full time job immediately lined up - a hint that he may not have planned for his departure and may have been pushed out. "Professionally, I'm looking forward to diving into the changing landscape of commercial real estate," Mobley said in the letter. "While I'm not sure where this all heads exactly, I know there's something great right down the road. I've come to believe the future has a way of presenting itself to you, if you look up and listen." Mobley had been at Cushman for almost a decade, climbing the ranks from leading its Chicago office, to overseeing its central, southeast, and eastern regions, before assuming the role as its leader of the Americas at the end of 2017. Mobley's exit comes at a difficult moment for the real estate industry at large and especially transactional-dependent businesses such as brokerage, which serves as the core of Cushman's revenue. The Covid-19 crisis had frozen leasing and commercial real state sales activity across the country, causing revenues to plummet. Over the past year, shares of Cushman have fallen sharply from over $20 to as low as $6.84. Shares were at $11.65 at the close of trading on Wednesday. Brett White, the long time real-estate executive who oversaw Cushman's public offering in 2018, remains the company's CEO and executive chairman. A spokesman for Cushman did not immediately respond to a request for comment.
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