Kushners look outside the family for Jared's replacement to lead real estate company

Jared Kushner won't be running his family's real estate company after leaving the White House.

The family has tapped company president Laurent Morali to become chief executive of the Kushner Companies, taking over the role that had essentially sat vacant since Jared Kushner began working full time on his father-in-law Donald Trump's presidential campaign in 2016 and then joining the administration, reported the Wall Street Journal.

Kushner's younger sister Nicole Meyer will take over as president, while their father Charles Kushner will continue to play a role in management and investment decisions.

The firm, which values its holdings at more than $15 billion, has moved away from the flashier Manhattan acquisitions made under Jared Kushner's leadership and purchased rental properties in the South, where rising housing costs have prevented many renters from buying their own homes.