Jim Groch Named Chief Financial Officer and Global Director of
Gil Borok Named Deputy Chief Financial Officer and Chief Accounting
LOS ANGELES--(BUSINESS WIRE)--
CBRE Group, Inc. (NYSE:CBG) today announced a reorganization of its
Global Finance and Global Corporate Development activities. Under the
new structure, Jim Groch will serve as Chief Financial Officer and
Global Director of Corporate Development and Gil Borok will serve as
Deputy Chief Financial Officer and Chief Accounting Officer. The new
roles will take effect March 4, 2014.
“We have operated very successfully for the last several years with
separately led finance and capital-deployment functions. Jim Groch has
overseen mergers and acquisitions, corporate strategy, balance sheet
management and investments, and Gil Borok has overseen global finance
and accounting, treasury, tax and investor relations,” said Bob
Sulentic, President and Chief Executive Officer of CBRE. “At this stage
of the company’s growth, with annual run-rate revenue approaching $8
billion, we will benefit significantly from consolidating these
activities under one leader and operating a fully-integrated and
broadly-defined global finance function.”
“We are fortunate to have two highly talented executives leading these
activities,” he continued. “Jim is one of the top executives in our
sector and an exceptional strategist and investor. During and after the
financial crisis, he deftly orchestrated the strengthening of our
balance sheet and has overseen our strategy, principal investments in
real estate/funds, and our highly active global mergers and acquisitions
program, including two transformational acquisitions. Gil has led our
finance and accounting team through the severe downturn and gradual
recovery with skill and precision. He is deeply versed in the numbers
behind our business, has vast knowledge of our global operations, and
has developed a top-tier finance team to support our continued growth.
Jim and Gil have worked closely and effectively together for many years.”
Mr. Borok will continue to directly oversee CBRE’s global finance,
accounting and tax functions, reporting to Mr. Groch. Arlin Gaffner, who
has served as Chief Accounting Officer, will assume new responsibilities
as Chief Financial Officer of the Americas operations. He will report to
CBRE also announced that David Adler has joined the Company as Executive
Vice President of Global Corporate Development & Strategy. He will
report to Mr. Groch and will drive corporate strategy and mergers and
acquisitions activities. Investor relations will also report to Mr.
Adler. Most recently, he served as a Managing Director in the Financial
Institutions Investment Banking Group at Bank of America Merrill Lynch
following a 17-year career with J.P. Morgan where he served as a
Managing Director in the Mergers and Acquisitions Group.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company
headquartered in Los Angeles, is the world’s largest commercial real
estate services and investment firm (in terms of 2013 revenue). The
Company has approximately 44,000 employees (excluding affiliates), and
serves real estate owners, investors and occupiers through approximately
350 offices (excluding affiliates) worldwide. CBRE offers strategic
advice and execution for property sales and leasing; corporate services;
property, facilities and project management; mortgage banking; appraisal
and valuation; development services; investment management; and research
and consulting. Please visit our website at www.cbre.com.
CBRE Group, Inc.
Source: CBRE Group, Inc.