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Paul Idzik, Barclays' chief operating officer until May this year, is to be the new group chief executive of DTZ, one of the world's largest commercial property consultancies.
Mr Idzik, an American and a former management consultant, is jumping from banking to commercial property at a difficult time for the global real estate market, with capital values falling, transactions slowing to a near halt amid a lack of funding and surveying firms having to lay off staff aggressively.
The 47-year old was a close lieutenant of John Varley, the group chief executive of Barclay's, but left the bank suddenly in May after four years in the role of chief operating officer amid speculation of boardroom tensions between Mr Varley and Bob Diamond, president of Barclays and head of its investment banking arm. It was also thought that Mr Idzik was frustrated by the bank's failure to win ABN Amro, the Dutch bank, and was looking for new challenges.
He is to take over from Mark Struckett, who has been DTZ's chief executive since 1994. Mr Struckett said in June that he planned to step down from the board, although he will remain with the surveying firm in an advisory capacity.
Mr Idzik's eccentric reputation is likely to enthrall the sometimes macho commercial real estate world.
His management style was energetic, to say the least. He famously vaulted security barriers at the bank's new headquarters in Canary Wharf to test the mettle of security guards. He snapped a subordinate's pen because it had a Royal Bank of Scotland logo on it, cut the straps of bags from rival companies and berated staff who did not cut the sartorial mustard.
Mr Idzik said of his move to DTZ: "It is a pleasure to accept the reins from Mark to help take DTZ to its next level of performance. I look forward to working with my new colleagues through these tough market conditions, positioning the company for strong future performance."
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Do DTZ know what they've let themselves in for? !!
Rob Barbour, Reading, UK
Well done to Idzik! congratulations!
christiana Boath, London, UK