Apollo Management, owner of Realogy and thus Century 21 and Sotheby’s, has hired Henry Silverman as CEO. This is the financial wizard who did very, very well until, in 1997, he bought CUC and was almost brought down by that company’s corruption. He’s back now, and will apparently try to help Apollo out of its own mess. Ironically enough, when CUC brought him down and he was selling off parts of Cendant, he unloaded Realogy on Apollo:
In 2007, Mr. Silverman sold Realogy, a residential real-estate broker spun off from Cendant, for $6.65 billion to Apollo. When the housing market tumbled, Realogy turned into one of Apollo’s most troubled investments. Realogy is the parent to Coldwell Banker, Century 21 and Sotheby’s International Realty.
So what’s he planning to do with those companyies now?
An Apollo spokeswoman declined to comment.
Will he sell it again or fix Apollo and permit them to hang on to it? We’ll see.