Updated: Former Goldman Sachs and Harvard Executive Joins to Lead the World's Largest Privately Held CRE Services Firm
Cushman & Wakefield Inc. has hired former Goldman Sachs Group Inc. senior executive Edward C. Forst as its new president and chief executive officer, effective Jan. 6.
Before leaving Goldman Sachs in 2011, Forst, 53, served as global co-head of the investment management division and as a member of the influential management committee of the giant investment banking firm, and previously as its chief administrative officer. Most recently, he served as an advisor to privately held investment firm Fenway Partners.
Carlo Barel di Sant'Albano, chairman of Cushman & Wakefield, has run the firm on an interim basis since Glenn Rufrano stepped down as chief executive in June.
"Under Ed's leadership we aim to further strengthen Cushman & Wakefield globally," said Sant'Albano, who is also a veteran of two decades in investment banking culminating in a position with Credit Suisse.
In July, Sant’Albano told CoStar News that the company would search both externally and internally for Rufrano’s replacement.
Asked at that time if he might keep the job, Sant’Albano responded:
"I have an important role as executive chairman and I like that role ... I will perform this role for as long as they need me to ensure a smooth transition to a new leader."
Forst has more than 30 years of experience working in international asset management, capital markets and operational leadership. He held multiple executive level roles in both New York and London at Goldman Sachs, where he was elected partner in 1998.
"Cushman & Wakefield is a powerful and iconic brand with unparalleled capabilities in providing creative and innovative real estate services and solutions to a global client base," Forst said in statement. "I am honored to lead Cushman & Wakefield and am particularly excited to work with this world-class team of professionals to build on the company's strengths and capitalize on the many opportunities ahead."
Editor's note: An earlier version of this article contained an error in Carlo Barel di Sant'Albano's title.