RE/MAX Holdings CEO Adam Contos is stepping down effective March 31, 2022. While the company plans to form a CEO search committee, Board Member Stephen Joyce will be appointed Interim CEO. Contos and Joyce will serve as co-CEOs beginning March 1.
Nick Bailey will continue to lead RE/MAX LLC as president and CEO. Ward Morrison company’s Motto Mortgage operations. However, both roles are expanding.
RE/MAX Holdings also announced that its Board of Directors authorized a common stock repurchase program of up to $100 million. According to the press release, “The investments we have made over the past few years, including our recent acquisition of RE/MAX INTEGRA’s North American regions, position us well to continue to grow and generate substantial amounts of free cash flow over the long term,” said Chairman of the Board Dave Liniger.
Contos, who served as the company’s CEO since 2018 says his decision to leave is to spend more time with his family and pursue new entrepreneurial endeavors. “Serving as CEO of RE/MAX Holdings has been the high point of my nearly 20 years with the company. I am proud of everything we accomplished, especially given the dynamic changes in our industry and society.”
According to a press release, the Company’s Board expects to form a CEO search committee to identify a permanent CEO replacement and to retain an executive search firm to assist with the process, which will include evaluating internal and external candidates for the CEO role. Additionally, the Board expects to conduct a formal selection process to add one additional independent Board director who would then maintain the current size of the Board.
Joyce joined the Board nearly two years ago, according to Liniger. “We asked Steve to join our Board nearly two years ago because we were drawn to his extensive track record of success and growth as CEO of publicly traded, global franchisors. His contributions to our Board and Company have been significant. He is a highly engaged executive and during his time in the CEO chair we expect the Company and our shareholders will benefit as he leads the evolution of our strategy to drive enhanced value for all stakeholders.”
In October 2013, RE/MAX Holdings Inc. became a publicly traded company, listed on the New York Stock Exchange as RMAX. In June 2021, RE/MAX, LLC, has entered into an agreement to acquire the North America regions of RE/MAX INTEGRA. That deal was finalized in July 2021.