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Investing.com -- RE/MAX Holding (N:RMAX) announced on Thursday that Dave Metzger is leaving his position as the company's chief financial officer and chief operating officer, after citing a need to relocate and spend more time with his family.
Metzger, who joined one of the world's largest real estate brokerages in 2007, will resign from the position effective on March 31, the company said in a statement. Upon Metzger's departure, Karri Callahan, RE/MAX Vice President and Corporate Controller will be promoted to company CFO, while Adam Contos, Senior Vice President of Marketing, will become the company's COO, RE/MAX's board of directors announced on Thursday.
"We owe an immense amount of gratitude to Dave, and I commend him for putting his family first. As a result of his leadership, the Company is operationally and financially sound and in a very strong position today," said Dave Liniger, CEO and Co-Founder of RE/MAX. "During his tenure, he also helped steer us through the great recession and played an integral role in our successful IPO. The RE/MAX family will miss not only his professional contributions, but also his wit, his enthusiasm and his strong sense of team spirit."
In 2010, RE/MAX expanded Metzger's duties to include overseeing RE/MAX's technology initiatives and human resources. Before coming to RE/MAX served as the CFO and corporate counsel at Airbase Services, Inc. and Sciona, Inc., two companies based in Boulder, Colorado. Metzger received a law degree from the University of Baltimore School of Law and a bachelor's degree in political science from Loyola College in Baltimore.
"After much reflection, I have decided that due to a loss in my immediate family, I am going to move back to the Washington D.C. area to be closer to my extended family for additional support," said Mr. Metzger. "I'm very proud of what we have achieved over the last eight years. Along with our franchisees and agents, we continue to grow one of the largest real estate franchise networks in the world." In November, RE/MAX reported a 2% spike in third quarter revenue and a 3.5% increase in operating income to $20.6 million.
Last month, the U.S. Department of Commerce said sales of new single-family homes in November were at a seasonally-adjusted annual rate of 490,000, an increase of 9.1% compared with the November, 2014 estimate of 449,000.
Shares in RE/MAX fell 0.63 or 1.73% to close at 35.73 on Thursday.