Time for bold thinking from the next cycle of agency leaders

EDITOR’S COMMENT “The job just got even harder.” That was the view of the team at consultancy Russell Reynolds Associates earlier this year when it published its Global CEO Turnover report. The top line: 202 chief executives around the world left their role last year. That’s the highest number in the six years the firm has been running the study. And, of course, a record number of chief executives calling it quits means a record number of new chief executives. The firm also found 85% of incoming chief executives were first-timers. “With the nature of the role now including more pressure and scrutiny than ever before, fewer candidates consider repeating the role,” the team said. The UK’s real estate agency market is in its own state of flux. Stephanie Hyde has stepped down as UK chief executive of JLL, to be replaced by Matt Richards, who has been with the agency for three decades and is chief executive of capital markets for Europe, the Middle East and Africa. Ciaran Bird, too, is quitting his role as chief executive of CBRE’s UK and Ireland advisory business. In this case a search for a successor is under way – and the agency confirmed to Estates Gazette that Bird will work with his successor to find a possible new role within the group. A level up in terms of regional oversight, Colin Wilson is stepping down as chief executive for EMEA at Cushman & Wakefield. The agency has given Matthew Bouw, its APAC chief executive, oversight of EMEA too. And John Munday is just weeks into his latest role as chief executive of Colliers UK, having taken the reins from Tony Horrell in early March. These are new, if established, faces in top roles at a pivotal moment for the real estate market. Industry figures I’ve been speaking to have varied thoughts on what the next band of agency chief executives needs to bring to the table. One was an individual we might refer to as an industry veteran – which is to say, he was doing real estate deals when the only cycle I knew about had stabiliser wheels attached to it. “Be bold without taking too many risks,” he offered as advice to new C-suite leaders. Savills remains a “shining example” of agency at its best, he added, and boutique names, too, are now seen as outperforming. Another – a top name at one of those very boutique firms – was more forthright about the need for change. Agencies are still too often stuck in the past, he said, and too often shying from innovation. In other sectors, chief executives are either young and embracing innovation, or older with a hunger to disrupt. “For years, I’ve said the big property services firms need a different style of leadership,” he added. “CEOs who understand the demands of the modern world, the evolving workforce they lead and, most importantly, the clients they serve.” No pressure for the newbies. But let’s also not forget about the achievements of those moving on. Stephanie’s tenure as JLL’s UK chief executive, in particular, was notable as the first time a woman had held that post in any of the big agencies. But tributes to her time in the hot seat show she drove change far beyond that one point. Look at the outpouring of admiration under Stephanie’s own social media post, announcing her resignation “with a heavy heart”. JLL’s own Ieva Sidaraite said her leadership of the firm has “left a lasting impact on many”. Mishcon de Reya partner Susan Freeman described her as having brought “a different perspective” to JLL. Mark Stupples at JMark Consultants echoed that thought, saying she would be missed not only within JLL “but also within the real estate sector where [she] brought a fresh perspective and purpose”. That sounds like exactly the “different style” industry insiders think the business needs. Our own proprietor, Mark Allen, is an advocate of urging people across the company to “think bold”. Let’s hope the new agency leaders think bold during what looks like a tough period ahead for the markets – and let’s hope they’ve learnt from their predecessors who were already pushing to do just that. Image © Colin Miller