Altus Group Limited (TSX: AIF), the prominent commercial real estate (CRE) intelligence provider, today announced immediate changes to its senior executive team and Board of Directors. This announcement coincides with the conclusion of the company’s strategic review process.

Jim Hannon is departing the company as Chief Executive Officer and Director, effective immediately. Mike Gordon, Altus Group’s former CEO and Director since 2020, has been appointed Executive Chair, also effective immediately. Mr. Gordon has agreed to assume the Chief Executive Officer role in Q1 2026. Concurrently, Raymond Mikulich is stepping down from the Chair role but will remain on the Board as a Director. The transition is part of the Board’s commitment to succession planning and ongoing refreshment.

Mr. Gordon commented on the outgoing CEO, stating: “On behalf of the Board, I’d like to thank Jim for his vision, dedication, and tireless efforts over the years. He has played an integral role positioning Altus Group for the opportunity as a pure-play data and analytics platform. As Altus Group enters its next growth phase, our focus shifts from operational build out to accelerating market adoption of our new product innovations, making this the right time for a leadership change that aligns with Altus Group’s future needs.”

He also offered thanks to the departing Chair: “We’re also very grateful to Ray for having stewarded the Company through one of its most pivotal decades amid a period of profound change in the CRE industry. During Ray’s tenure as Chair, the Company’s long-standing shareholders have witnessed a deliberate evolution of the Company’s strategy and transformation from its professional services roots into a leading CRE intelligence firm. I look forward to carrying the momentum forward and accelerating the pace of progress as I step into the role.”

Mr. Mikulich expressed full confidence in the incoming executive: “I am gratified by the success we have achieved as the Company is now realigned as a focused software and analytics business. With that transition largely completed, I believe it is time for new leadership and I am confident and fully supportive of Mike Gordon, a highly regarded data and analytics executive with a proven track record of value creation.”

The Board confirmed it has now completed a disciplined and thorough strategic review process. This review, undertaken periodically to evaluate options for maximising shareholder value, included considering a wide spectrum of strategic alternatives. This involved soliciting interest from potential acquirers and reviewing multiple proposals.

After this careful consideration, the Board determined that Altus Group’s best path forward is to remain independent. Continuing to execute and accelerate its current strategy is expected to maximise value for its shareholders. The company has undergone significant business transformation in recent years, transitioning into a pure-play CRE data and analytics platform.

The Board believes that the combination of strengthening market conditions and the benefits derived from its operational changes presents considerable upside potential for the company’s shareholders. Mr.  Gordon added: “The strategic review gave us tremendous insight and reinforced confidence in our value creation plan. We came away with clear priorities and strengthened conviction on what needs to be done and how we need to execute to accelerate our momentum. I’m personally energized to be re-engaging in the business at such an exciting inflection point.”

Further details of the company’s value creation plan will be provided at its upcoming Investor Day on November 20, 2025.