Austin, Texas-based Keller Williams (KW) has reorganized itself, executives say, by creating a new holding company structure.

Effective immediately, Gary Keller has stepped down from his role as CEO. As president, Josh Team assumes all duties and responsibilities previously held by Keller. Keller Williams Realty will no longer have a CEO; however, Keller will become executive chairman of the board.

Key to the realignment, KW has formed the parent holding company KWx, and Gary Keller will take on the new role as executive chairman at KWx, a holding company that will represent the collection of all Keller Williams affiliates and subsidiaries—including Keller Williams Realty, Keller Williams Worldwide, Keller Mortgage, Keller Covered, Keller Offers—to create alignment, scale and efficiencies across the Keller Williams ecosystem.

“As Keller Williams has continued to innovate on behalf of the real estate agent and their clients, we moved quickly to deliver unique value through these individual companies—from creation of an innovative zero-fee loan program to a home insurance platform,” Keller said. “The formation of KWx is central to the next phase, focused on scaling that vision and empowering our agents to deliver the highest level of value to their clients.”

To help Keller achieve this mission, Carl Liebert has been appointed the chief executive officer (CEO) of KWx.

Liebert brings more than 30 years of experience leading customer-driven transformations and developing strategic, operational and process excellence within retail (AutoNation, 24 Hour Fitness, The Home Depot, Circuit City), financial services (USAA), and industrial (General Electric) organizations.

Keller said, “Carl’s proven track record of enterprise-level leadership, building collaborative teams and delivering operational scale to each of these organizations is in perfect alignment with the charter of KWx. We are excited to welcome Carl to the team and are confident that he will fuel the next phase of accelerated innovation and value creation for Keller Williams agents and their clients.”

Liebert said, “The opportunity to work within a culture-first organization like Keller Williams is a natural fit with my personal and professional values. Our shared passion and commitment to delivering world-class customer experiences at scale made the opportunity to learn and lead alongside Gary Keller a compelling opportunity. Keller Williams has the market share, the vision and leadership, and unwavering commitment to keep the agent at the center of the holistic real estate experience. I look forward to joining the team on this journey.”

Keller: “As president, Josh has successfully led Keller Williams Realty to achieve record-level success across all major metrics of our business. From the time I took over the CEO position, my goal was to move into the role of executive chairman. Josh has made that move possible more quickly and confidently than I could have imagined.”

Bill Soteroff will remain president of Keller Williams Worldwide, the international division of Keller Williams.