Cushman & Wakefield, the New York-based global brokerage, is looking for a new chief executive officer after Bruce Mosler, who had been president and CEO since 2005, was named co-chairman of the board of directors, alongside John Cushman III.

The directors have established a search committee to find a new CEO and retained executive search firm Spencer Stuart to assist. Mosler will remain president and CEO until his successor joins the firm.

Majority shareholder Carlo Sant’Albano, CEO of EXOR, 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."

Mosler will focus on the company’s global brokerage business, and on developing major accounts and serving key clients, while serving on the board.



Mosler has played "a critical role" as CEO, says Sant’Albano. "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."



In a statement, Mosler 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."