Marcus & Millichap Inc. announced on Tuesday that its Chief Executive John Kerin will retire at the end of this month.
Kerin worked for the Calabasas commercial real estate investment firm for 35 years, first starting as a sales agent at its Encino office in 1981. Prior to becoming chief executive, he was vice president of the company and was in charge of operations for 18 office locations across the U.S.
Current Senior Executive Vice President Hessam Nadji has been appointed by the board to take his place on March 31.
“Hessam has been a key member of our team for over 20 years, and his leadership as well as his management strengths make him a highly capable executive, who has been ably groomed for his new responsibilities,” Founder and Co-Chairman George M. Marcus said in a statement.
After being named chief strategy officer three years ago, Nadji became senior executive vice president in 2015. He was instrumental in executing the firm’s long term strategy and managing its national specialty brokerage sales division, which grew quickly under his watch.
Marcus & Millichap shares closed up 50 cents, or 2 percent, to $23.15 on the New York Stock Exchange.