By: Hadassa Kalatizadeh
Jared Kushner has a replacement in his family company—and it’s not another family member.
As reported by the Wall Street Journal, Kushner Cos., the real estate firm which Jared was CEO of, was searching for a new Chief Executive. Jared, a former senior White House adviser, had said that he won’t be returning to the position. In an unexpected move, the family company has chosen Laurent Morali to become the new CEO effective immediately. This is the first time the post will be filled by someone other than family. Nicole Meyer, Jared Kushner’s younger sister who has been working at the firm since 2015, will take on the role of company president. Charles Kushner, Jared and Nicole’s father and the chairman of the Kushner family board, will continue to his managerial role and to make investment decisions, the firm said in a statement.
The CEO position at the NY midsize real estate firm has been vacant since 2016, when Kushner became involved with his father-in-law, President Donald Trump’s, election campaign. Morali had served as president of Kushner Cos since 2016. A native of France, Mr. Morali had joined the firm in 2008 to run its finance operation. He was previously working at the real-estate investment banking unit of French bank Credit Agricole SA.
Kushner Cos. owns apartments, office buildings and other property valued at over $15 billion, as per the company. The company has been getting more than its fair share of attention since Kushner became the President’s son-in-law. Critics have been following the company looking closely to catch any conflicts of interest that may exist, though Mr. Kushner said he divested himself of the company. “So much about our company is growth through adversity,” said Ms. Meyer in an interview which took place at the company’s new headquarters in the General Motors building overlooking Central Park. “We have been putting our heads down and really moving.”
Since Mr. Kushner left the company, it has been straying from acquisitions of the showy Manhattan office buildings, and moving towards buying rental apartments in mid-Atlantic and Southeastern states. Since 2019, most of Kushner Cos.’s new acquisitions have been in Alabama, Kentucky, Louisiana, North Carolina and Texas, where housing prices have skyrocketed.
After leaving the White House and Washington, Mr. Kushner and his wife, Ivanka Trump moved to South Florida, where Mr. Kushner is planning to launch an investment firm in Miami named Affinity Partners as early as this fall, as per the WSJ.