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4w ago

Altus Group Ends Sale Review as CEO Exits, Mike Gordon Named Executive Chair and Next CEO

Directors opted for independence following a months-long review, with a detailed plan due at the Nov. 20 Investor Day.

The CN tower is reflected in a high rise building behind a construction crane in downtown Toronto on February 4, 2012. Matthew Boukall remembers a couple of years back at a conference in Calgary, where someone got confused over the difference between condo and rental apartment builds."People had only seen condo apartments for so long, that they forgot people built rental," said Boukall, a vice-president at real estate services firm Altus Group. THE CANADIAN PRESS/Pawel Dwulit
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Overview

  • After evaluating multiple proposals, the board decided the company will remain independent and accelerate its strategy as a pure‑play CRE data, software and analytics platform.
  • Jim Hannon departed immediately; former chief Mike Gordon became Executive Chair and will reassume the CEO role in Q1 2026, as Raymond Mikulich stepped down as chair but stayed on the board.
  • Third‑quarter results improved, with revenue up 2.2% to $133.3 million and a $0.5 million profit from continuing operations, aided by portfolio optimization and restructuring.
  • The company lowered its 2025 outlook to 0%–2% revenue growth and trimmed its operating margin expansion target versus August guidance.
  • Shares fell more than 15% Friday following the earnings, leadership changes and review outcome; management flagged potential sales of noncore businesses, with further details expected at Investor Day.