Dear Affiliate:
Unprecedented conditions in the real estate market and the economy present significant challenges to everyone in our industry, including Prudential Real Estate and Relocation. We are initiating organizational changes that will help us gain efficiencies and optimize our business performance now and far into the future.
Effective today, we are combining our Real Estate and Relocation businesses into one powerful operating company: Prudential Real Estate and Relocation Services (PRERS). Bringing these operations closer together will help us leverage our expertise for the benefit of our affiliates and our relocation clients.
Earl Lee is now president of our combined company, reporting directly to me. Most of you know Earl well, as he served Prudential Real Estate Affiliates, Inc. as president from 2000 through 2006. He served the last two years as president of Prudential Relocation.
We ve restructured our business development strategies and functions in real estate to gain efficiency and greater focus on significant market opportunities. Keith Smith will lead all real estate business development efforts and will report to Lou Gonzalez. Lisa Mackey, also will report to Lou, and will oversee our real estate service operations.
Several functions are being consolidated to support all of PRERS, including Information Technology, Strategic Planning and Resources, Marketing, Communication & PR, and Learning Excellence/Network Education.
Unfortunately, some of the changes we ve made today involve program changes and staffing reductions. The necessity of these changes doesn t lessen the impact on many of our friends and colleagues. We thank these employees for their valuable contributions.
To be sure, Prudential Real Estate and Relocation Services is steadfast in our strategic focus, core values and commitment to our affiliates and relocation clients. The power of our brand, the financial strength of our parent company, and the enormous talents and determination of our affiliates and our employees assure we will work through these challenging times and emerge as an even stronger network, well-positioned for the long term.
We distributed a press release today to the national media highlighting these points. I ve attached a copy of the press release for your reference.
Sincerely,
John Van Der Wall
Chairman
Prudential Real Estate and Relocation Services
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