Brookfield’s management reorganization has forced the departure of Mitch Rudin from the company.
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President and chief operating officer of Brookfield Office Properties’ U.S. commercial operations, Mitch Rudin, is stepping down from his position. This according to an announcement made last week.
It was not revealed why Mr. Rudin is leaving the company, but sources said that the decision for him to go was mutual. Currently Rudin is overseeing Brookfield’s $250 million renovation of the World Financial Center and the construction of Manhattan West, a 5.4 million-square-foot office, residential and hotel development near Hudson Yards in Manhattan.
The move comes as part of the company’s management reorganization which it started in 2012. As part of this reorganization Brookfield, it seems, is doing away with Rudin’s position entirely. This is part of a process to take the public company private.
Brookfield said about Rudin’s departure that his, “capabilities would not be fully utilized going forward.” Its CEO Dennis Friedrich is expected to take on many of Rudin’s responsibilities.
Rudin reportedly earned over $6 million in 2011, making him Brookfield’s highest paid executive that year.
Mr. Mitchell E. Rudin has been the Chief Executive Officer and President of US Commercial Operations at Brookfield Canada Office Properties since June 30, 2011. An attorney by training, Rudin attended Franklin & Marshall College and Boston College Law School. He made the switch to real estate after managing a deal with Saatchi and Saatchi for 375 Hudson Street.
Mr. Rudin is a member of the Real Estate Board of New York and was on the board of the Maccabiah Games in Israel in 1993, 1997, and 2001. He also worked on the Pan American Maccabi Games in Buenos Aires in 1995 and Santiago in 2003. He is a member of American Friends of the Israel Museum Board.
With headquarters in Toronto, New York and Sydney, Brookfield Office Properties Inc. is a North American commercial real estate company.