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Adam Contos, the CEO of RE/MAX Holdings for the past four years who has been with the company for 20 years, says he will leave the company on March 31 to pursue new entrepreneurial endeavors. RE/MAX Holdings is the parent company of the real estate brokerage firm RE/MAX.
Stephen Joyce, who has been part of the RE/MAX board for the past two years, will serve as an interim CEO. Joyce was previously the CEO of Dine Brands Global, the franchisor of IHOP and AppleBee’s Grill + Bar. He also served as president and CEO of Choice Hotels International.
RE/MAX’s board says it is forming a CEO search committee to identify a permanent CEO and will review candidates internally and externally for the role.
RE/MAX also announced other leadership changes on Tuesday. Nick Bailey was named president and CEO of RE/MAX effective immediately and will continue to lead the RE/MAX brand and business globally. Ward Morrison was named president and CEO of Motto Mortgage, RE/MAX’s national mortgage brokerage franchise brand.
“The company posted record results for the third quarter, which we believe is a strong affirmation of our strategy and the recent investments we have made to diversify and expand our business,” says Dave Liniger, RE/MAX Holdings chairman of the board and RE/MAX co-founder. “This performance and the growth opportunities we see ahead give us confidence in our future.”
Contos posted a video on social media announcing his resignation. In the video, he said, “I’m not done yet,” adding that leaving RE/MAX will allow him to focus on building businesses and consulting. “Business is like a relay race,” he said on the video. “The reality is that business is a race where you perform at the highest level, and as you perform at the highest level, you pass the baton to others at the highest level who also can begin to run the race. I’m passing the baton. It’s at the right time.”
In a statement, Liniger thanked Contos for his two decades of service and leadership within RE/MAX. “His leadership and commitment to the company … have driven our success and established a strong foundation for our continued growth,” Liniger said. “We are delighted that Steve has agreed to transition to the CEO role while we take the requisite amount of time to conduct our search for a permanent CEO.”