Colliers International Fires Real Estate Service CEO, Alleging 'Improper Trading'
One of Colliers International's top executives has been let go amid allegations of misconduct.
The brokerage firm announced Thursday that it had terminated the contract of Global Real Estate Services CEO Dylan Taylor over violations of his employment contract, including "improper trading activity of Colliers securities." Taylor had been serving at that post since the start of 2019, after serving as global president and chief operating officer since 2015.
Colliers noted in its release that Taylor has also accused the company of wrongdoing, but didn't specify exactly what. According to Colliers' Securities and Exchange Commission filings, his contract includes a termination clause that entitles him to roughly $2M if he is terminated without cause.
"Mr. Taylor has made certain allegations which he asserts as the basis for a potential constructive dismissal claim," the statement read. "While management and the Board of Directors of Colliers have no reason to believe the validity of such claims, the Board has constituted a special committee to oversee an independent review of the allegations."
Chairman and CEO Jay Hennick will remain in his post and assume some of Taylor's responsibilities, as will Chief Financial Officer John Friedrichsen. Colliers announced in its statement that the position of Real Estate Services CEO has been eliminated.
UPDATE, JUNE 24, 5 P.M. ET: A representative for Colliers International declined to comment on the specifics of Taylor's alleged misconduct, his allegations against the company or the makeup and directive of the independent committee reviewing Taylor's allegations.
UPDATE OCT. 15, 2019, 4 P.M. ET: Colliers and Dan Taylor jointly announced on Sept. 27, 2019, that the issues between them "have been resolved."