Realogy Makes Executive Moves in Owned Brokerage and Franchise Group Business Segments
Sue Yannaccone Appointed Regional EVP for NRT's Brokerage Operations; Simon Chen Promoted to President & CEO of ERA Real Estate; Fred Schmidt to Retire from Coldwell Banker Commercial
MADISON, N.J., Feb. 9, 2018 /PRNewswire/ -- 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 & 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 & 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 market share. 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 distinguished 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 & CEO Charlie Young, who is responsible for the Coldwell Banker residential and commercial franchise systems.
"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."
-- Joint statement from John Peyton, President & CEO, Realogy Franchise Group and Ryan Gorman, President & CEO, NRT LLC
"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. She now joins Greg Macres and Kate Rossi as our senior-most operators responsible for our Coldwell Banker-branded NRT operations."
-- Ryan Gorman, President & CEO, NRT LLC
"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.
"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."
-- John Peyton, President & CEO, Realogy Franchise Group
About Realogy Holdings Corp.
Realogy Holdings Corp. (NYSE: RLGY) is a leading provider of residential real estate services that is focused on empowering independent sales agents to best serve today's consumers. Realogy delivers its services through its well-known industry brands including Better Homes and Gardens® Real Estate, CENTURY 21®, Coldwell Banker®, Coldwell Banker Commercial®, Corcoran®, ERA®, Sotheby's International Realty® as well as NRT, Cartus, Title Resource Group and ZapLabs, an in-house innovation and technology development lab. Realogy's fully integrated business model includes brokerage, franchising, relocation, mortgage and, title and settlement services. Realogy provides independent sales agents access to leading technology, best-in-class marketing and learning programs, and support services to help them become more productive and build stronger businesses. Realogy's affiliated brokerages operate around the world with approximately 192,600 independent sales agents in the United States and approximately 94,000 independent sales agents in more than 100 other countries and territories. Realogy is headquartered in Madison, New Jersey.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. All statements, other than those of historical fact, contained in this report, are forward-looking statements including, but not limited to, statements regarding the Company's leadership changes. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Realogy Holdings Corp. to be materially different from those expressed or implied by such forward-looking statements, including that there can be no assurance that the Company's leadership changes will result in the anticipated benefits to the Company. Any forward-looking statements speak only as of the date of this press release and, except to the extent required by applicable securities laws, the Company expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. For additional information concerning risks, uncertainties and other factors that may cause actual results to differ from those anticipated in the forward-looking statements, and risks to the Company's business in general, please refer to Realogy Holdings Corp.'s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 and its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2017.