Cushman & Wakefield chief executive John Forrester is retiring from the business.
Forrester will step down at the end of June and be replaced by Michelle MacKay, currently president and chief operating officer.
Forrester has spent more than 35 years with the company, including at DTZ, which was bought by C&W in 2015
Forrester will remain employed as a strategic adviser to the firm until 31 December.
C&W chairman Brett White said: “John is a revered industry leader known for his integrity, work ethic and deep client knowledge. His tremendous efforts over the past several years have strengthened the firm’s foundation and culture and the board is sincerely grateful for his contribution.”
Forrester added: “It has been an honour to lead Cushman & Wakefield as CEO through its post-Covid transitionary period, which underscored the firm’s industry leadership, our core values and strengths and culminated in record company revenue and EBITDA in 2022.”
Incoming chief executive MacKay said she was looking forward to leading the firm through its next stage of strategic growth.
MacKay joined Cushman & Wakefield as a member of its board in 2018. She has more than 30 years of experience at a variety of public and privately held companies, including iStar, UBS, JPMorgan Chase and Hartford Insurance Company’s investment arm HIMCO.
The reshuffle comes as C&W announces a 4% decline in Q1 revenue, led by a 51% drop off in capital markets business.
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