CBRE Group, Inc. Announces Reorganization of Global Finance and Corporate Development Functions
Jim Groch Named Chief Financial Officer and Global Director of Corporate Development
Gil Borok Named Deputy Chief Financial Officer and Chief Accounting Officer
LOS ANGELES--(BUSINESS WIRE)--CBRE Group, Inc. (NYSE:CBG) today announced a reorganization of its Global Finance and Global Corporate Development activities. Under the new structure, Jim Groch will serve as Chief Financial Officer and Global Director of Corporate Development and Gil Borok will serve as Deputy Chief Financial Officer and Chief Accounting Officer. The new roles will take effect March 4, 2014.
“We have operated very successfully for the last several years with separately led finance and capital-deployment functions. Jim Groch has overseen mergers and acquisitions, corporate strategy, balance sheet management and investments, and Gil Borok has overseen global finance and accounting, treasury, tax and investor relations”
“We have operated very successfully for the last several years with separately led finance and capital-deployment functions. Jim Groch has overseen mergers and acquisitions, corporate strategy, balance sheet management and investments, and Gil Borok has overseen global finance and accounting, treasury, tax and investor relations,” said Bob Sulentic, President and Chief Executive Officer of CBRE. “At this stage of the company’s growth, with annual run-rate revenue approaching $8 billion, we will benefit significantly from consolidating these activities under one leader and operating a fully-integrated and broadly-defined global finance function.”
“We are fortunate to have two highly talented executives leading these activities,” he continued. “Jim is one of the top executives in our sector and an exceptional strategist and investor. During and after the financial crisis, he deftly orchestrated the strengthening of our balance sheet and has overseen our strategy, principal investments in real estate/funds, and our highly active global mergers and acquisitions program, including two transformational acquisitions. Gil has led our finance and accounting team through the severe downturn and gradual recovery with skill and precision. He is deeply versed in the numbers behind our business, has vast knowledge of our global operations, and has developed a top-tier finance team to support our continued growth. Jim and Gil have worked closely and effectively together for many years.”
Mr. Borok will continue to directly oversee CBRE’s global finance, accounting and tax functions, reporting to Mr. Groch. Arlin Gaffner, who has served as Chief Accounting Officer, will assume new responsibilities as Chief Financial Officer of the Americas operations. He will report to Mr. Borok.
CBRE also announced that David Adler has joined the Company as Executive Vice President of Global Corporate Development & Strategy. He will report to Mr. Groch and will drive corporate strategy and mergers and acquisitions activities. Investor relations will also report to Mr. Adler. Most recently, he served as a Managing Director in the Financial Institutions Investment Banking Group at Bank of America Merrill Lynch following a 17-year career with J.P. Morgan where he served as a Managing Director in the Mergers and Acquisitions Group.
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 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 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.