0001193125-12-220487.txt : 20120509 0001193125-12-220487.hdr.sgml : 20120509 20120509090228 ACCESSION NUMBER: 0001193125-12-220487 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20120508 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120509 DATE AS OF CHANGE: 20120509 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CBRE GROUP, INC. CENTRAL INDEX KEY: 0001138118 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE [6500] IRS NUMBER: 943391143 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32205 FILM NUMBER: 12823932 BUSINESS ADDRESS: STREET 1: 11150 SANTA MONICA BOULEVARD STREET 2: SUITE 1600 CITY: LOS ANGELES STATE: CA ZIP: 90025 BUSINESS PHONE: 310-405-8900 MAIL ADDRESS: STREET 1: 11150 SANTA MONICA BOULEVARD STREET 2: SUITE 1600 CITY: LOS ANGELES STATE: CA ZIP: 90025 FORMER COMPANY: FORMER CONFORMED NAME: CB RICHARD ELLIS GROUP INC DATE OF NAME CHANGE: 20040217 FORMER COMPANY: FORMER CONFORMED NAME: CBRE HOLDING INC DATE OF NAME CHANGE: 20010411 8-K 1 d349561d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 8, 2012

 

 

CBRE GROUP, INC.

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-32205   94-3391143

(State or other jurisdiction

of incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

 

1150 Santa Monica Boulevard, Suite 1600,

Los Angeles, California

  90025
(Address of Principal Executive Offices)   (Zip Code)

(310) 405-8900

Registrant’s Telephone Number, Including Area Code

Not Applicable

(Former Name or Former Address, if Changed Since Last Report)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12(b))

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


This Current Report on Form 8-K is filed by CBRE Group, Inc., a Delaware corporation (which we may refer to as “we”, “us”, “our” or the “Company”), in connection with the matters described herein.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.

(b) On May 8, 2012, the Company announced that effective December 31, 2012, Brett White will retire as Chief Executive Officer of the Company. At that time, Robert E. Sulentic, who is currently President of the Company, will succeed Mr. White as Chief Executive Officer. Mr. White, who was re-elected to the board of directors earlier in the day at the May 8, 2012 annual meeting, will remain on the board and as a member of its executive and acquisition committees.

(c) Mr. Sulentic, who will become our Chief Executive Officer on January 1, 2013, has been our President since March 2010. He previously served as the President of our Development Services business from December 2006 to April 2011. He also served as our Chief Financial Officer from March 2009 and our Group President from July 2009, each until March 2010. Mr. Sulentic was also a member of our board of directors and Group President of Development Services, Asia Pacific and EMEA from December 2006 through March 2009. Prior to joining CBRE, Mr. Sulentic was a director of Trammell Crow Company from December 1997 through December 2006, and served as its Chairman of the board from May 2002 through December 2006. He was President and Chief Executive Officer of Trammell Crow Company from October 2000 through December 2006 and prior to that served as its Executive Vice President and Chief Financial Officer from September 1998 to October 2000. Mr. Sulentic is also a member of the board of directors of Staples, Inc. Mr. Sulentic, who is 55, holds a B.A. from Iowa State University and an M.B.A. from Harvard Business School.

Item 7.01. Regulation FD Disclosure

The Company issued a press release on May 8, 2012 announcing that effective December 31, 2012, Brett White will retire as Chief Executive Officer of the Company. At that time, Robert E. Sulentic, who is currently President of the Company, will succeed Mr. White as Chief Executive Officer. Mr. White, who was re-elected to the board of directors earlier in the day at the May 8, 2012 annual meeting, will remain on the board and as a member of its executive and acquisition committees. A copy of the press release is attached hereto as Exhibit 99.1.

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

 

Exhibit

Number

  

Description

99.1    Press release, dated May 8, 2012, announcing the planned retirement of Brett White and planned appointment of Robert E. Sulentic as Chief Executive Officer.


Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: May 9, 2012     CBRE GROUP, INC.
    By:   /s/ Gil Borok
      Gil Borok
      Chief Financial Officer
EX-99.1 2 d349561dex991.htm PRESS RELEASE Press Release

Exhibit 99.1

 

LOGO

FOR IMMEDIATE RELEASE

 

For further information:    

Gil Borok

Chief Financial Officer

310.405.8909

 

Nick Kormeluk

Investor Relations

949.809.4308

 

Steve Iaco

Corporate Communications

212.984.6535

CBRE GROUP, INC. ANNOUNCES CEO SUCCESSION PLAN

Brett White to Retire as CEO at Year-End 2012 and Remain on the Board;

Robert Sulentic to Assume CEO Role

Los Angeles, May 8, 2012 — CBRE Group, Inc. (NYSE:CBG) today 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. CBRE’s corporate headquarters will remain in Los Angeles.

“Executive development and succession planning has been a key to our success,” Mr. White said. “Bob has been my partner and senior advisor in running CBRE for more than five years. He has had responsibility for all of our business units, so he is the logical choice to


CBRE Press Release

May 8, 2012

Page 2

 

succeed me, and it is something we have discussed and planned for years. Bob is a time-tested veteran and very talented senior executive who knows our people and operations intimately and is highly regarded by our investors, analysts and, most of all, our professionals around the globe. I look forward to seeing Bob and our team lead CBRE to its next remarkable chapter of success.”

“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.”

Richard Blum, CBRE’s Chairman, commented: “At CBRE we pride ourselves on developing excellent leaders and careful succession planning, and beginning at the end of the year, we will have a strong new CEO in Bob Sulentic. The entire Board is looking forward to Bob’s tenure and the next stage of CBRE’s growth.”

He continued: “In 2005 when Brett White succeeded Ray Wirta as CEO, CBRE was doing exceptionally well. It would have been a significant challenge for any executive to step into the role of CEO at that time and continue the intense pace of expansion of the Company’s real estate services, revenues and profits. But I had every confidence that Brett could do so, and the last 7 years have demonstrated how well placed my confidence has been. I am very proud of how Brett and his team have continued to grow the Company’s services for clients and our global capabilities, most recently, with the acquisition of ING REIM. Brett has positioned us well to continue to execute the Company’s long term strategy of providing exceptional client service and enhancing the premier global real estate services brand. We all wish that Brett’s future endeavors continue to bring him every business success and tremendous personal satisfaction.”

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).

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 firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 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 Web site at www.cbre.com.

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