Home Agent Coldwell Banker’s M. Ryan Gorman out as CEO

Coldwell Banker’s M. Ryan Gorman out as CEO

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Ryan Gorman was a long-time veteran of Coldwell Banker’s parent company and has helmed the brokerage for the last three years.

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M. Ryan Gorman, who for the last three years has served as the CEO of Coldwell Banker, is leaving his role at the company.

Gorman’s departure from the company, which is owned by Anywhere, was announced Tuesday afternoon. In a statement to Inman, parent company Anywhere said Gorman will transition to the role of “strategic advisor,” while Sue Yannaccone will now oversee Coldwell Banker. Yannaccone serves as president and CEO of Anywhere Brands, meaning she overseas a variety of other names the company owns including Better Homes and Gardens Real Estate, Century 21, Corcoran and others.

The statement frames the news as a kind of reorganization in which Coldwell Banker is being brought under the jurisdiction of Yannaccone’s Anywhere Brands, rather than as Yannaccone replacing Gorman.

Gorman’s departure was first reported by The Real Deal.

Gorman first joined Anywhere — previously known as Realogy — in 2004. He held leadership roles in strategic development at the company, and eventually worked his way up the ladder of NRT brand. Gorman became chief strategy officer and chief operating officer at NRT in 2016, and president and CEO in 2018.

Gorman became CEO of Coldwell Banker in 2019 when the brand was consolidated into a single entity. Charlie Young, who preceded Gorman as CEO of Coldwell Banker, stayed on with the company for several months in a senior advisory role, before eventually leaving altogether.

Gorman’s time leading Coldwell Banker was dominated by massive change and disruption. Among other things, he presided over a major rebranding effort that was meant to better position the company in a digital marketplace. He has also served as the public face of the brand, appearing frequently at industry gatherings and weighing in on issues such as the health of the market.

Additionally, Gorman oversaw Coldwell Banker’s acquisition of Warburg Realty.

Earlier this year, the Swanepoel Power 200 ranking listed Gorman as the 12th most powerful person in real estate.

Gorman’s tenure over Coldwell Banker also coincided with the coronavirus pandemic, which after a brief market dip in 2020 saw record sales and price growth numbers. More recently, however, rising interest rates have significantly cooled the housing industry.

Like most real estate companies, shares in Coldwell Banker parent Anywhere rose in 2021 thanks to the booming market. Somewhat uniquely, Anywhere shares stayed near their early 2021 high points into the fall of that year, even as other companies’ stock prices began a long downward trajectory.

However, Anywhere wasn’t immune to investors’ fears about real estate, and over the last year its share price has fallen more than 54 percent. Shares in Anywhere were trading for $7.35 as of the end of trading Tuesday.

Credit: Google

In general over the last year, Anywhere’s stock market performance has tended to be better than younger real estate companies, as well as real estate companies that are more heavily tied to technology. For example, shares in rival Compass are down more than 73 percent over the last year, and shares in eXp World Holdings are down more than 66 percent. Shares in Opendoor are down more than 90 percent.

Developing…

Update: This story was updated after publication with information that Anywhere provided to Inman, as well as background on the company and Gorman’s tenure at the helm.

Email Jim Dalrymple II

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