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
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:
"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 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.