- Push-out Score determined
- After about four years in the position
- Praise and thanks for Contos
- Steve Joyce taking over temporarily
- Search for a successor
- Contos said 96 words
(exechange) — Denver, Colorado, January 11, 2022 — Adam Contos, chief executive of ReMax Holdings, leaves. As announced by ReMax Holdings Inc. in a news release and in a regulatory filing published on Tuesday, January 11, 2022, Adam M. Contos, chief executive officer, leaves the parent company of ReMax and Motto Mortgage, after about four years in the role, effective March 31, 2022.
ReMax Holdings will undertake a search for a successor.
Adam Contos’s duties as CEO will be taken over temporarily by Stephen (Steve) Joyce, a former Chief Executive Officer at Dine Brands Global, as Interim Chief Executive Officer.
Already a director
Joyce is already a director of ReMax Holdings. Directors-turned-executives represent a blend of outsider and insider.
They don’t have the constraints of a pure insider when it comes to leading painful changes or making unpopular decisions, and they have more company knowledge than a pure outsider.
Having been a director, Joyce understands the expectations and dynamics of the board and has knowledge of ReMax Holdings’s organization, risk-management practices and strategy.
Adam Contos’s move coincides with a management shake-up also involving the positions of President and Chief Executive Officer of ReMax; and President and Chief Executive Officer of Motto Mortgage and Wemlo.
“To spend more time with his family and pursue new entrepreneurial endeavors”
The management change is explained as follows. ReMax Holdings said: “Adam Contos, who has served as the Company’s Chief Executive Officer since 2018, has informed the Company’s Board of Directors (the “Board”) of his decision to leave the Company effective March 31, 2022, to spend more time with his family and pursue new entrepreneurial endeavors. He will also step down from the Company’s Board effective March 31, 2022.”
Precise information regarding Adam Contos’s future plans was not immediately available.
“Not because of any disagreement”
“Mr. Contos’s resignation is not because of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices,” ReMax Holdings said.
Share price decline since February 2018
The announcement follows a decline in ReMax Holdings Inc.’s share price of 39% since February 2018. February 2018 is the month in which Contos’s tenure as CEO began.
In the position of CEO since 2018
Adam Contos became CEO of the Company in 2018.
The timing of Contos’ departure allows time for an orderly transition of responsibilities working in cooperation with Joyce.
To facilitate the transition, Contos and Joyce will serve as Co-Chief Executive Officers beginning March 1, 2022.
Adam M. Contos is the Company’s Chief Executive Officer (“CEO”) and principal executive officer, a position he has held since February 2018.
Prior to serving as CEO, Contos served as Co-Chief Executive Officer alongside Dave Liniger beginning in May 2017.
During his more than 15 years at ReMax, Contos has held a variety of leadership positions.
He served as Chief Operating Officer from January 2016 to May 2017, as Senior Vice President, Marketing, from February 2015 through January 2016, as Vice President, Business Development, from February 2014 until February 2015, as Vice President, Region Development, from August 2013 through February 2014, and as Regional Vice President from 2005 through August 2013.
Contos is a Board Leadership Fellow of NACD and serves on the Board of the International Franchise Association.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding Adam Contos’s move on a scale of 0 to 10.
exechange reached out to ReMax Holdings and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 3.2022 ($).