Doug Jones out as Cushman & Wakefield’s boss in Texas

Cushman & Wakefield’s Dallas division is undergoing a change in leadership.

Doug Jones, who had served as head of the Chicago-based brokerage’s Dallas office since 2021 and was its managing principal for Texas, is no longer with the company as of last week, the Dallas Business Journal reported.

Reasons for his departure are unclear, but Cushman officials plan to visit the Dallas office to address the situation this week.

“As policy, we don’t comment on specific individuals involved in leadership changes. Our Texas business remains very important to Cushman & Wakefield, and we’ve begun the process of selecting our next leader for the state,” a company spokesperson told the outlet.

Jones was a U.S. Army Infantry officer and Army Ranger before entering the commercial real estate realm. He assumed his leadership role in 2021, succeeding Ran Holman as managing principal. Jones was previously a senior member of Cushman’s office agency leasing platform.

Cushman has struggled mightily in 2023. Last quarter, the company’s net income was $5.1 million, down from $97.2 million in the second quarter of 2022. The firm plans to cut costs by roughly $130 million this year to remedy its financial struggles.

In May, Michelle MacKay was named as Cushman’s CEO, after serving as COO since 2020. After the first quarter of 2023, the firm reported that revenue from its leasing business was down 20 percent year-over-year, and revenue from property sales was down 51 percent.

—Quinn Donoghue