Co-CEOs Adam Contos and Dave Liniger still under internal investigation, company confirmed.
Re/Max Holdings, the parent company of real estate franchisor Re/Max, today announced the retirement of president Geoff Lewis.
According to the announcement, effective immediately, some of Lewis’s responsibilities overseeing Re/Max’s Region Development Group will be transitioned to Re/Max co-CEO, Adam Contos, who is under investigation for possible ethical and business violations alongside co-CEO and co-founder, Dave Liniger, the company revealed in November. Re/Max Region executive vice presidents, Josh Bolgren and Kevin Northrup, will continue to support franchises within the owned and independent regions.
“We wish Geoff well in his retirement,” said Liniger in a statement. “We look forward to the future with confidence as Adam works more closely with our affiliates in both our owned and independent regions.”
Lewis joined Re/Max World headquarters in 2004 as senior vice president and general counsel and became senior vice president and chief legal officer the following year. He became executive vice president and chief legal and compliance officer in 2013, then was named president in 2015.
Lewis, meanwhile will remain with Re/Max as a senior advisor until June 30 to help with the transition.
“I remain confident that Re/Max will retain its number one position and wish the company the greatest of success,” Lewis said in a statement. “I have decided that the time is right for me to retire.”
In November Re/Max announced an internal investigation into co-CEOs Adam Contos and Dave Liniger regarding possible business and ethics violations in lieu of its Q3 2017 earnings call (which has yet to be rescheduled). The company’s stock plummeted in the immediate aftermath and closed the year down nearly 20 points from its high mark in late October. Re/Max’s fourth-quarter earnings results have yet to be announced or released.
Re/Max communications spokesperson Cory Vasquez confirmed to Inman that there are currently no updates on the investigation. “The committee is taking the time required to complete the process,” Vasquez said.