CBRE Group Inc. (
, the world's largest commercial real estate services firm in
terms of 2011 revenues, announced the retirement of its Chief
Executive Officer (CEO), Brett White, on November 30, 2012. As
previously announced, Robert E. Sulentic took over the reins on
December 1, 2012.
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Brett White had led CBRE Group as CEO since 2005. During his
seven year tenure, he contributed towards growth of client
services and global capabilities of the company. His major
achievement includes the acquisition of 'ING Real Estate
Investment Management' (ING REIM) business in 2011, a major
revenue driver to date.
CBRE Group has now completed the integration of the acquired
business in its existing Global Investment Management (GIM)
segment. Thus, we think that White has positioned the company as
necessary to boost its long term strategy of providing premium
client services, and thereby, enhance the global real estate
Robert E. Sulentic joined CBRE Group in 2006 with the acquisition
of Trammell Crow Company, where he had served as CEO. He was
appointed President of CBRE Group in 2009 and will retain his
current position, along with the new responsibility.
Sulentic also joined the Board of Directors and Global Operating
Committee of CBRE Group. Alongside, he is on the Board of
Directors of an office product manufacturing retailer -
Staples, Inc. (
We believe that Sulentic's vast know-how and expertise will prove
beneficial for CBRE Group. We expect the company to reach new
heights in terms of ongoing client services improvement and
As a point of reference, one of CBRE Group's peers -
Jones Lang LaSalle Inc. (
- recently announced the transition of two senior executives.
Peter Roberts, the current CEO of the Americas region, will move
to the post of Chief Strategy Officer effective January 1, 2013.
Concurrently, the company announced Lauralee Martin as his
CBRE Group is the global market leader in commercial real estate
brokerage and advisory services for property leasing and sales,
forecasting, valuations, origination and servicing of commercial
mortgage loans, as well as project and real estate investment
management. The company's extensive knowledge of domestic and
international real estate markets enables it to operate as a
single-source provider of real estate solutions.
CBRE Group, however, reported relatively unimpressive results in
the third quarter of 2012, with earnings missing the Zacks
Consensus Estimate by 7 cents, as the sovereign debt crisis in
Europe and a slow growth trajectory in Asia held back its
We have a long-term Neutral recommendation on CBRE Group. It
carries a short-term Zacks #5 Rank (Strong Sell).