CBRE announces ceo succession plan

CBRE Group, Inc. announced that Brett White will retire as Chief Executive Officer, effective December 31, 2012, and Robert Sulentic, who currently serves as CBRE’s President, will succeed Mr. White as of that date.

Mr. White was re-elected to the Company’s Board of Directors at its annual shareholders’ meeting earlier today, and will remain on the Board following his retirement from the firm at year-end 2012.

Mr. White said: “For nearly 30 years I have been honored to be associated with the great people of CBRE. Together we have taken the Company to heights many never thought possible. Being part of this organization — and having the privilege of leading it as CEO since 2005 — has been the adventure of a lifetime. In the early 1990’s, our then-CEO Jim Didion boldly envisioned CBRE becoming the world’s ‘preeminent, vertically-integrated, globally-capable commercial real estate services firm.’ I made a commitment at my first Board meeting as CEO in 2005 to achieve that vision within 10 years. Now, with the ING REIM acquisition completed and integrated, we have executed our plan considerably ahead of schedule, and have achieved the long-term vision of becoming the world’s leader in commercial real estate services. This is good news for CBRE, our clients, employees and shareholders. It is also good news for me, as I can embark on my next business chapter at a time when the Company is in the best possible position.”

As President, Mr. Sulentic has had direct responsibility for all the Company’s business lines and operating segments since 2009. He also served as Chief Financial Officer in 2009, during the depth of the financial crisis, and before that, as Group President with responsibility for the EMEA, Asia Pacific and Development Services businesses. Mr. Sulentic joined the Company in 2006 with the acquisition of Trammell Crow Company, where he was serving as CEO of TCC at the time of the merger.

“I am deeply honored to succeed Brett as CEO,” Mr. Sulentic said. “CBRE is a one-of-a-kind organization, with a brand, culture, market position and depth of professional talent that is unmatched in our industry. I look forward to working with our 34,000 global professionals and the Board to build on the success that Brett has helped us to achieve, and look forward to his continuing counsel and insight from his position as a member of our Board.”

Mr. White joined CBRE’s predecessor company, Coldwell Banker Commercial, as a sales trainee in 1984. He has held a variety of sales and management positions, becoming President in 2001 and CEO in 2005. Since Mr. White’s appointment as President in 2001, the Company has grown from 9,300 employees to approximately 34,000; normalized EBITDA has improved from $115 million to more than $800 million; and the Company’s total capitalization has increased more than ten times. The Company has completed three transformational acquisitions and integrations over the past decade: Insignia/ESG (2003); Trammell Crow Company (2006); and ING REIM (2011).