Leadership changes are occurring at Cushman & Wakefield's Dallas division.
Doug Jones, who has served as head of the Chicago-based brokerage's Dallas office and managing principal in Texas since 2021, left the company as of last week, the Dallas Business Journal reported. I am retired.
The reason for his resignation is unclear, but Cushman officials are expected to visit his Dallas office this week to address the situation.
“As a matter of policy, we do not comment on specific individuals involved in leadership changes. Our Texas operations remain extremely important to Cushman & Wakefield, and we remain committed to the process of selecting the state's next leader.” ,” a company spokesperson told the publication.
Prior to entering the commercial real estate field, Jones served as a U.S. Army infantry officer and an Army Ranger. He assumed the leadership role as Managing Principal in 2021, replacing Ran Holman. Mr. Jones was previously a senior member of Mr. Cushman's office agency leasing platform.
Cushman is having a very tough time in 2023. The company's net income last quarter was $5.1 million, down from $97.2 million in the second quarter of 2022. The company plans to cut costs by about $130 million this year to improve its financial woes.
In May, Michelle McKay, who had served as COO since 2020, was appointed CEO of Cushman. Starting in the first quarter of 2023, the company reported a 20% year-over-year decline in revenue from its leasing business and a decline in revenue from real estate sales. decreased by 51 percent.
—Quinn Donahue
