Investor replaces Sudler broker as CEO
(Crain's) — Amid continuing turmoil over the acquisition of a rival real estate firm, Janice Corley stepped down Thursday as president and CEO of Chicago-based Sudler Sotheby's International Realty but is staying with the firm.
Ms. Corley was replaced by Sergio Martinucci, a Sudler partner and former owner and CEO of Coldwell Banker Stanmeyer Real Estate, a residential brokerage firm that he sold in 1999.
A spokeswoman said Ms. Corley was unavailable for comment. The announcement came Thursday morning at a company meeting.
Ms. Corley, the firm's founder, will retain her ownership stake and continue as managing broker at Sudler Sotheby's Gold Coast office at 919 N. Michigan Ave.
In his new role, Mr. Martinucci will oversee the day-to-day operations of the firm, which has five Chicago offices and roughly 400 residential brokers.
Ms. Corley "was wearing many hats," he says. "It was getting to be too much for her."
Mr. Martinucci said the fallout over Sudler's acquisition of rival Century 21 Sussex & Reilly didn't influence Ms. Corley's decision. Since the deal closed in February, the firm has lost dozens of brokers and closed several offices, including former Sussex & Reilly locations in the Lincoln Square neighborhood and west suburban Wheaton.
Late last month, Sudler managing broker Karina Caulfield sued Ms. Corley and Mr. Martinucci, alleging that they didn't follow through on an agreement to give her a 10% stake in the company and other considerations in exchange for helping finance the Sussex & Reilly acquisition.
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Every real estate firm is facing challenges in this market, Mr. Martinucci says. One of his goals as CEO is to cut overhead and try to retain his remaining stable of brokers.
"We've found that there's a lot of people exiting the business," he said.
