Leadership changes ahead at Remax as Real deal moves toward closing

(Real CEO Tamir Poleg/sourced)

Re/Max Holdings Inc. is preparing for a major leadership shakeup as The Real Brokerage moves closer to completing its acquisition of the legacy franchisor, with CEO Erik Carlson set to step down and several other senior executives preparing to depart or take on new roles.

Securityholders of both companies voted to approve Real’s proposed acquisition of Re/Max Holdings at special meetings held Friday, moving the two companies closer to forming the Real Remax Group. The approval follows the companies’ announcement in April of a US$880-million deal that would combine Real’s technology-powered brokerage platform with Remax’s global franchise network.

Personnel changes are expected to take effect when the transaction closes, which Carlson said could happen within the next couple of weeks. In an internal email, obtained by Real Estate Magazine, following the vote, Carlson said the two companies will continue to operate independently until closing, subject to customary conditions

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Carlson to step down, new leadership takes shape

Carlson will leave the CEO role at closing but is expected to join the Real Remax Group board of directors alongside current Re/Max Holdings board members Cathleen Raffaeli and Norman Jenkins.

For the Canadian network, Remax Canada president Don Kottick is expected to continue in a leadership role with the combined company.

Real chairman and CEO Tamir Poleg will serve as chairman and CEO of Real Remax Group, while Real chief operating officer Jenna Rozenblat is expected to become president.

Amy Somerville, an 18-year Remax veteran, is expected to become chief operating officer. Remax chief marketing officer Abby Lee and chief accounting officer Leah Jenkins are also expected to take leadership roles.

Ravi Jani will serve as chief financial officer, Alix Lumpkin as chief legal officer and Pritesh Damani as chief technology officer.

Seven Remax executives to depart

Seven members of Remax’s executive leadership team are expected to leave at closing to pursue other opportunities.

They are chief financial officer Karri Callahan; chief digital information officer Tom Flanagan; chief human resources officer Rob Fuchs; president and chief growth officer Chris Lim; mortgage services president Vic Lombardo; executive vice-president of strategy Travis Saxton; and chief legal and compliance officer Susie Winders.

Companies remain separate until closing

Real has maintained that Remax will retain its identity following the acquisition. Carlson reiterated previous comments from Poleg that “Remax is keeping its identity as an iconic real estate brand.”

The special resolution approving the arrangement was backed by 99 per cent of votes cast by Real shareholders, and 98.9 per cent of votes cast by Real shareholders, optionholders and restricted share unit holders voting together as a single class. Holders of 78.8 per cent of the voting power of Re/Max Holdings common stock also voted in favour.

The transaction still requires the final order of the Supreme Court of British Columbia approving the deal, among other conditions. 

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