Paul Bacon to succeed John Travers as CEO of Cushman & Wakefield EMEA
23 Mar, 2006, London
Cushman & Wakefield announced today that Paul Bacon will succeed John Travers as CEO of Cushman & Wakefield EMEA. John will retire from the firm at the end of this year, with Paul Bacon, currently Deputy Senior Partner of the firm, assuming the role of CEO of Cushman & Wakefield EMEA, effective January 1, 2007.
The long-planned transition in EMEA leadership reflects Cushman & Wakefield's high quality and continuity of service for clients worldwide. The transition announcement comes at a time in Cushman & Wakefield's history when its European operations are experiencing explosive growth, while continuing to aggressively expand and broaden the firm's range of services for clients, including the recently announced Cushman & Wakefield Investors.
Cushman & Wakefield reported a record turnover for EMEA in 2005 of £164 million (an increase of 28% on 2004) with profits rising by 61%. Cushman & Wakefield's EMEA operations accounted for 23% of the firm's global revenues which increased by 21% to $1.2 billion in 2005. (2004: $1 billion). All 23 of Cushman & Wakefield's offices throughout Europe, which are a single partnership, were profitable in 2005.
"John Travers has produced outstanding work for Cushman & Wakefield over many years," said Bruce Mosler, president and CEO of the firm. "I have personally enjoyed working closely with John, and I will continue a similarly close relationship with Paul Bacon, as Cushman & Wakefield accelerates its growth rate and continues its tradition of premier client service throughout Europe and around the world."
John Travers joined the firm's Brussels office (then Healey & Baker) in 1975 having worked for Laing Development Corporation in the UK. He was appointed Deputy Senior Partner in 1996 and was made Senior Partner in 1999. Earlier this year, following an alignment of global roles across the firm, the role of Senior Partner of Cushman & Wakefield EMEA became CEO of Cushman & Wakefield EMEA. John is a member of the board of Cushman & Wakefield and a member of the Cushman & Wakefield global executive committee. He is also Chairman of the Dutch, Belgian and German operations.
Paul Bacon succeeded Andrew Gulliford as Deputy Senior Partner of the firm in 2005 and is a member of the EMEA Board. He joined the firm in 1984 and started his career in London specializing in the UK office and industrial sector before transferring to Milan in 1990 to set up Cushman & Wakefield's first Italian office. He successfully built the Italian operation to a team of approximately 100 people with offices in Milan, Rome and Bologna. Paul has also been instrumental in growing the firm's pan-European Capital Markets team, which last year transacted deals totalling Euro 14 billion. He will continue to divide his time between London and the Continent.