Richard Blum Steps Down as Chairman, Continues on the Board
Ray Wirta Selected as Next Chairman
LOS ANGELES, Calif.--(BUSINESS WIRE)--
CBRE Group, Inc. (NYSE:CBG) today announced that Richard (Dick) Blum has
stepped down as Chairman of the Board and that Ray Wirta has been
selected by the Board to succeed Mr. Blum as Chairman. Mr. Wirta was
Vice Chairman of the Board. The succession occurred following the annual
shareholders’ meeting on Friday, May 16, 2014, during which all
directors were reelected.
Mr. Blum, who has served as CBRE’s Chairman since 2001, will remain a
member of the Board of Directors, and through investment partnerships,
continues to be a major shareholder.
“This is an opportune time for me to step down after serving 12 years as
Chairman. CBRE is in a very strong position, producing record revenues
and profits and serving its clients extremely well,” Mr. Blum said.
“During my time as Chairman, it was a pleasure to lead a talented Board
and work with a highly motivated management team. Ray is highly
qualified to lead the Board through its next chapter. He was the
Company’s CEO from 1999 to 2005, a time when it took the leading market
position globally. I look forward to continue serving on the Board and
remaining a major shareholder.”
When Mr. Blum was elected Chairman in 2001, CBRE had about $1.4 billion
in total revenue, $115 million of normalized EBITDA and 9,300 employees.
In 2013, revenue exceeded $7.2 billion and normalized EBITDA surpassed
$1 billion. The Company employs 44,000 people around the world, and is
the industry leader, with a culture of ethics and corporate
responsibility and a respected global brand.
Mr. Wirta is currently President of the Investment Properties Group at
the Irvine Company and Chief Executive Officer of The Koll Company. Both
companies are U.S. property owner-operators. Mr. Wirta will remain in
those positions while serving as CBRE’s non-Executive Chairman leading
the Board’s activities. Mr. Wirta said: “I am proud to succeed Dick as
CBRE’s Chairman. The Company is in a great position and has significant
opportunities ahead to build on its global leadership and create added
value for clients, shareholders and employees.”
“I have tremendous appreciation for the growth and strategic gains CBRE
has enjoyed during Dick’s time as Chairman,” said Bob Sulentic,
president and chief executive officer of CBRE. “Ray is one of the most
accomplished executives in our industry and, like Dick, is a strong
strategic thinker. I look forward to continuing to work with both of
them and the rest of the Board as we execute our growth strategy and
further strengthen CBRE’s premier market position.”
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.
Investor Relations & Corporate Communications
Senior Managing Director
Source: CBRE Group, Inc.