(Bloomberg) -- Kushner Cos., the real estate firm formerly run by Donald Trump's son-in-law Jared Kushner, said that Laurent Morali will become chief executive officer of the business.
Morali had been president of Kushner Cos. since 2016. Jared's sister Nicole Kushner Meyer, a principal, will take over Morali's old post, according to a spokesperson for the New York-based firm.
Jared Kushner, meanwhile, is starting his own investment business called Affinity Partners and was planning to open an office in Miami, Bloomberg reported in July. He hasn't worked for his family business since moving to Washington to work for his father-in-law as a political adviser.
Charles Kushner, Jared's father, built Kushner Cos. as a simple business buying and refurbishing suburban garden apartments on the East Coast. Spurred on by Jared, it expanded aggressively into New York, including with the 2007 purchase of 666 Fifth Ave., a Manhattan office tower, bought for $1.8 billion that was quickly hit by the financial crisis. Since Jared's departure to work in the White House, the firm has reverted to less flashy investments outside of New York.
This will be the first time an outsider has run the company, according to the Wall Street Journal, which earlier reported the news.
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