A trio of Cushman & Wakefield partners has joined four DTZ directors on the combined company’s new UK and Ireland executive committee following the completion of the agency mega-merger.
The committee, which will be led by UK chief executive Colin Wilson and UK chairman Digby Flower, includes Cushman alumni Justin Taylor, Charles Dady and George Roberts, who will lead the company’s retail, landlord services and client strategy businesses respectively.
DTZ veterans Charles Smith, David Haynes, Ian Thomas and Jason Winfield will lead the valuation; business space, London & South East; business space, regions; and capital markets groups at the combined company.
The combined global business will be headquartered in Chicago.
Wilson said decisions regarding the UK office estate would follow the completion of the merger; however, it is expected that DTZ’s 125 Old Broad Street, EC2, base and Cushman’s Portman Square office, W1, are likely to be retained as the company’s principal London locations.
Regional office closures are expected where there is overlap between the two firms. Regional leadership teams are expected to be announced shortly.
However, Wilson said any decisions over other efficiency savings, including staff redundancies, would take longer as the integration process could begin only following regulatory sign-off of the merger.
A new pay structure for Cushman & Wakefield staff, whose remuneration has been dictated by the company’s traditional partnership structure of distributed profits, will not be introduced until the new financial year in January. Flower said it would be brought into line with DTZ’s corporate structure, which awards staff a salary and bonus.
Staff were briefed on the integration process at 125 Old Broad Street on Tuesday at a series of town hall meetings, where the company’s new logo was unveiled.
The Cushman & Wakefield logo has been updated, retaining but streamlining the geometrical building shapes while introducing a shot of DTZ’s corporate red. The updated lettering has been given a neutral grey, which the company’s brand advisers believe will “work better in a global context”.
