In order to strengthen its position for future growth,
Chicago-based real estate investment trust (REIT),
Jones Lang LaSalle Inc. (
, recently announced the transition of two senior executives. The
current Chief Executive Officer (CEO) of the Americas region,
Peter Roberts, will move to the post of Chief Strategy Officer.
Concurrently, the company also announced Lauralee Martin as his
successor effective January 1, 2013.
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Peter Roberts joined Jones Lang in 1986 and held various
positions as Chief Financial Officer (CFO), Co-President of
Tenant Representation and a key member of the Capital Markets
business. He became the CEO of the Jones Lang LaSalle Americas,
Inc in 2003. During his tenure, he helped effect improvement in
annual revenues of the region six-fold through transformational
amalgamations and organic growth. In the third quarter 2012,
revenues in the Americas region increased 15.3% y/y to $437.3
million and EBIDTA jumped 15.2% to $53 million.
On the other hand, Lauralee Martin has been associated with Jones
Lang since 2002. She joined the company as the CFO and later was
appointed to the additional post of Chief Operating Officer. Ms.
Martin will retain her current position, along with the new
responsibility, until a replacement is found. During her tenure,
she strengthened the company's Energy and Sustainability Services
business and enhanced expansions. In addition, she also
facilitated the formation of globally unified technology platform
in order to improve productivity.
Prior to joining Jones Lang, Ms. Martin held various top
executive positions at Heller Financial Inc. and GE capital - a
financial services unit of
General Electric Company (
. Apart from this, she has also been the director of various
industry giants --
Kaiser Aluminum Corporation (
HCP, Inc. (
We believe that Ms. Martin's vast know-how and expertise along
with her quick and decisive approach will prove beneficial for
Jones Lang going forward. We expect the company to scale new
heights through improved client services and operational
Jones Lang reported third quarter 2012 recurring earnings per
share of $1.23, surpassing the Zacks Consensus Estimate of $1.18
and the year ago earnings of $1.12.
Jones Lang provides corporate, financial and investment
management services to corporations and other real estate owners,
users, and investors worldwide. With a worldwide portfolio of
approximately 2.1 billion square feet, Jones Lang is an industry
leader in property and corporate facility management services.
We currently have a long-term Neutral recommendation on Jones
Lang. Also, it carries a short-term Zacks #3 Rank (Hold).