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UPDATE 3:54 P.M. ET: The story has been updated with information from ESRP and Sharon Morrison.
Emmitt Smith is walking away from his namesake company, E Smith Realty Partners. Smith’s ESL Alternative Ventures has withdrawn affiliation with ESRP and will operate under a new name, EJ Smith Enterprises. E Smith Realty Partners has formally changed its name to ESRP and will operate under the leadership of co-founder Sharon Morrison.
“Our success, steady growth and entry into new markets over the last four years have significantly strengthened our core businesses to the point where we can explore new opportunities created by a rapidly changing market,” Smith said in a statement.
The decision to withdraw from ESRP was not made lightly, but will allow him to focus on new ventures, Smith said.
ESRP leadership will remain largely unchanged. Co-founder Morrison will remain at the helm as CEO. Steve Jarvie, Susan Arledge, Karra Guess and many other executives will stay in their roles at the ESRP office on Dallas North Tollway near Keller Spring Road in Dallas.
“By becoming independent from E Smith Legacy Holdings, ESRP will have much more freedom to focus on its user-focused service offerings and allow E Smith Legacy Holdings to focus on real estate development, construction and other endeavors,” Morrison said in a statement.
Earlier in June, ESRP hired three new executives to facilitate global growth. Smith and Morrison founded ESRP in 2013.
This is a developing story that will be updated as Bisnow learns more information.
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