Coldwell Banker names exec

Parsippany, N.J. Coldwell Banker Commercial Affiliates LLC announced the promotion of Fred Schmidt, who will now serve as the company’s president and COO.

Schmidt succeeds Rick Davidson, who had led the Coldwell Banker Commercial brand since May 2006. In a separate announcement, Davidson was appointed as president and CEO of Century 21 Real Estate LLC. Both franchise brands are subsidiaries of Realogy Corp., a global provider of real estate and relocation services.

The leadership transition will begin immediately, according to the companies.