Colliers International Group has fired the CEO of its Real Estate Services division Dylan Taylor for misconduct, including “improper trading activity of Colliers securities”, according to a company news release.
Colliers noted in its release that Taylor has also accused the company of wrongdoing, but didn’t specify exactly what. According to Colliers’ Securities and Exchange Commission filings, his contract includes a termination clause that entitles him to roughly $2M if he is terminated without cause. “Mr. Taylor has made certain allegations which he asserts as the basis for a potential constructive dismissal claim,” the statement read. “While management and the Board of Directors of Colliers have no reason to believe the validity of such claims, the Board has constituted a special committee to oversee an independent review of the allegations.”
Chairman and CEO Jay Hennick will remain in his post and assume some of Taylor’s responsibilities, as will Chief Financial Officer John Friedrichsen. Colliers announced in its statement that the position of Real Estate Services CEO has been eliminated.