Long-term CEO Ross McCredie founded Sotheby’s International Realty Canada in 2004. Dundee kept him in that role postacquisition and he took on an increasingly high-profile role.JJ Thompson/The Globe and Mail
One of the most high-profile figures in the Canadian luxury real estate industry has departed Dundee Corp.
Ross McCredie, who was CEO of Sotheby's International Realty Canada, which specializes in selling high-end homes and McMansions to affluent Canadians, parted ways with Dundee last month.
On July 15, in an internal statement sent out to Sotheby's International Realty Canada and Quebec real estate agents, the firm announced that Mr. McCredie was leaving the firm. No reason was given for his departure. Robin Conners assumed the CEO role on an interim basis, according to the statement.
In Mr. McCredie's Twitter profile, he refers to himself as "Former CEO" of Sotheby's International Realty Canada. Mr. McCredie was also chief operating officer of 360 VOX Corp.
Sotheby's and 360 VOX are owned by Dundee, which is controlled by Bay Street veteran Ned Goodman. The Toronto-based holding company is best known for running a Bay Street brokerage, but it also manages a host of other publicly traded and private businesses, including a number of real estate ventures such as 360 Vox, a developer of high-end real estate projects.
Montreal-based 360 Vox acquired Sotheby's International Realty Canada in 2012 and combined the two businesses. Last year, Dundee privatized the merged entity and rebranded the company as Dundee 360.
Mr. McCredie had long been the top dog at Sotheby's. He founded the firm in 2004 and had been its long-term CEO. Dundee kept him in that role postacquisition and he took on an increasingly high-profile role in a bull market in luxury real estate.
One of Mr. McCredie's major projects over the past few years has been overseeing a major revamp of the old Edgewater Casino in Vancouver's entertainment district, next to BC Place Stadium, that will see two luxury hotels and a new casino go up.
Mr. McCredie was also frequently quoted in the press as an expert in high-end real estate and appeared on television on multiple occasions. On July 9, only days before he suddenly departed the firm, Mr. McCredie did a segment on Business News Network (BNN) and opined on the state of the luxury real estate market.
"We've parted ways and there has not been a reason given to me as to why," said Mr. McCreadie. "There is not much more I can say about the situation at this time."
Dundee did not respond to a request for comment.
Niall McGee
Gary Mason