Altus Group Limited (AIF-T) has announced the immediate departure of its chief executive officer and director Jim Hannon, and that board chair Raymond Mikulich will step down from that role but remain with the company as a director.

Mike Gordon, Altus Group’s former CEO and a director of the company since 2020, has been appointed executive chair, effective immediately, and has agreed to assume the CEO role in Q1 2026.

In the announcement Thursday afternoon, Altus Group called the chair transition "part of the board’s commitment to succession planning and ongoing refreshment."

Altus is a Toronto-based provider of commercial real estate intelligence.

“On behalf of the board,  I’d like to thank Jim for his vision, dedication, and tireless efforts over the years," Gordon said in the announcement, which was made as Altus Group also released its Q3 2025 financial report and closed the book on a strategic review of its future. "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."

Altus ends strategic review process

The announcement states Altus Group reviewed multiple proposals as part of its strategic review, including an offer to acquire the firm, but the board determined that "remaining independent and continuing to execute and accelerate its strategy is the best path forward for Altus Group and to maximize value for its shareholders."

Altus's business has undergone a significant transformation in recent years, moving the firm toward being a pure-play CRE data and analytics platform. As a result, the announcement states, Altus is in the early stages of a new product cycle. The board wants to give this new strategy time to mature.

“The strategic review gave us tremendous insight and reinforced confidence in our value creation plan," Gordon stated in the announcement. "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.”

Altus plans to provide further details of its value creation plan at its upcoming Investor Day on Nov. 20.

Praise for Mikulich

Gordon also offered praise for Mikulich.

“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," Gordon said in the announcement. "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.”

“I am gratified by the success we have achieved as the company is now realigned as a focused software and analytics business," Mikulich said in the announcement. "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.”

Altus reported a slim profit of approximately $500,000 in Q3, compared to a loss of $2.9 million for the year-earlier period. Revenues rose from $128.4 million in Q3 2024 to $133.3 million in Q3 2025.

It announced a dividend payment of $0.15 per unit for Q4 of 2025.