Richard Blum Steps Down as Chairman, Continues on the Board Ray Wirta Selected as Next Chairman
Los Angeles, CA – May 19, 2014 — 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.”
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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 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.
