Realogy Holdings Corp. (NYSE: RLGY) today announced several senior executive moves within NRT, its company-owned brokerage operations, and Realogy Franchise Group, its residential real estate franchising business. The changes include:
Sue Yannaccone was appointed as regional executive vice president at NRT. Effective March 5, 2018, she will be responsible for NRT’s Coldwell Banker brokerage operations in the Eastern Seaboard and Midwest regions, and also will oversee NRT’s national commercial real estate brokerage support team. Yannaccone most recently served as president and CEO of ERA Franchise Systems for the past two years after joining ERA as its chief operating officer in 2015. She has two decades of industry experience in brokerage operations and franchise management.
Simon Chen was promoted to president and CEO of ERA Franchise Systems, where he will succeed Yannaccone effective March 5, 2018. He previously served as the brand’s chief operating officer and was responsible for supporting ERA’s growth goals specifically around increasing agent productivity and enhancing marketshare. Chen joined ERA in May 2017 and has a strong business background with a focus on technology consulting and real estate operations. ERA will now begin a national search for a new chief operating officer.
Fred Schmidt, who has served as president and chief operating officer of Coldwell Banker Commercial Affiliates, has announced his plans to retire on June 1, 2018, after a 15-year career with Realogy and more than 35 years overall in commercial real estate. He joined Coldwell Banker Commercial (CBC) in 2003 and has led the brand as its president for the past eight years. Moving forward, the CBC organization will be further integrated with Coldwell Banker Real Estate LLC under the leadership of current president and CEO Charlie Young, who is responsible for the Coldwell Banker residential and commercial franchise systems.
In a joint statement from Realogy Franchise Group President and CEO John Peyton and NRT LLC President and CEO Ryan Gorman, the executives said: “The internal changes we made today are intended to take advantage of our leadership talent and deep bench across Realogy to best position us to deliver on our growth strategy that is aligned with serving and supporting agents. While focusing on the highest points of leverage, we are also taking steps to improve our agility and streamline our respective franchise and brokerage businesses. We are working closely together to accelerate change and more closely synchronize our organizations to support Realogy’s agent-centric strategy and ultimately drive better business results.”
“Sue Yannaccone is a proven real estate leader whose deep expertise in brokerage operations and franchise management will be an incredible asset to NRT as we increase our management focus on and support of enhanced agent services in our core brokerage business,” says Gorman. “She now joins Greg Macres and Kate Rossi as our senior-most operators responsible for our Coldwell Banker-branded NRT operations.”
“Simon Chen has brought a unique perspective to the ERA brand based on his entrepreneurial background in technology and real estate. He is ready to take the next step forward and lead the growth of this great franchise into the future, and we congratulate him on this well-earned promotion,” adds Peyton. “Also, we thank Fred Schmidt for his 15 years of leadership at Coldwell Banker Commercial and Realogy, and wish him well in his retirement. Under Charlie Young’s leadership, we will now align the Coldwell Banker commercial and residential real estate organizational structure in a more integrated manner to better serve our affiliated agents and brokers.”
For more information, visit www.realogy.com.
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