Cushman & Wakefield this evening announced changes to its global top team, with European chief Paul Bacon due to step down on July 1.

Bacon will be replaced in the running of the European operation by Cushman global chairman Carlo Barel di Sant’Albano, the executive from the firm’s parent company EXOR who is also overall Cushman chair.

Glenn Rufrano will continue as Cushman & Wakefield global president and chief executive officer, based in New York.

Sant’Albano has been based in London as chairman of the Cushman board since March 2011. He has been closely involved with the business activities of the firm since March 2007 when, as chief executive of EXOR, he was instrumental in acquiring the company’s major stake in Cushman.

Prior to joining EXOR he had a 20 year career in investment banking with Credit Suisse.

Bacon’s departure after 28 years with the top three, £1.2bn a year global firm, was announced to a quarterly meeting of Cushman’s European partners at Marylebone’s Landmark tonight.

He told PropertyWeek.com: “When I embarked on the European role in January 2007 I figured five years would be the right term of office.

“I have always had an ambition to run an investment management business, based in Milan, and it’s now or never.”