Century 21 Real Estate announced Monday that President and CEO Nick Bailey is stepping down, effective January 11.

The company announced that current chief growth officer, Michael Miedler, will take the reins as its new president and CEO. The Realogy-owned real estate company stated that Bailey, who is departing after less than two years, will serve as an advisor to the company until March 1, 2019, to “ensure a smooth transition,” according to a press release.

"We are grateful for the unique mix of experience and industry insights that Nick brought to Century 21 Real Estate during his leadership," said John Peyton, president and CEO of Realogy Franchise Group. "I would like to thank Nick for his vision and tenacity, which have strongly positioned the Century 21 brand as well as our brokers and agents for the future."

Bailey joined Century 21 in August 2017 from Zillow, where he served as vice president of broker relations. He explained in a statement that he is leaving the company to relocate to Colorado.

"I have had an amazing journey within this industry, and I am so proud of the countless 'thank yous' I have received for my focus on growth, technology, C21 Gives and the bold and successful rebrand of the CENTURY 21 brand, which have led to an overall excitement that ultimately helped more real estate professionals realize their potential and families achieve their dreams," said Bailey. "After much consideration, my wife and I, along with our two little guys, made the decision that Colorado is our home for not only our young family but also for work."

"We are fortunate to have a solid bench of talent within Century 21 Real Estate," Peyton added. "And so, we didn't have to look far to find an outstanding leader in Michael, who with his strong focus on growth has the right background and experience to build on the momentum of the CENTURY 21 brand."

Miedler has spent the majority of his career with Century 21 and has more than 20 years of residential and commercial real estate experience. In 2012, Miedler became senior vice president of Century 21 Real Estate, overseeing the company’s franchise sales team, brand development and market share strategy in the U.S. Later on, in March 2018, he was promoted to chief growth officer, continuing to manage the franchise sales team.

"We are intensely focused on the growth of Century 21 Real Estate," Miedler said. "The team is ready to kick our efforts into high gear as we continue to fulfill our mission and show industry professionals and consumers the value of C21 brand. I've had the opportunity to work with this great brand from different sides of the business, and I'm excited to be taking the lead during such an exciting time in our journey as the power of the CENTURY 21 brand unfolds."