CBRE Group Selects Ray Wirta To Succeed Richard Blum As Chairman

(RTTNews) - Commercial real estate services firm CBRE Group, Inc.'s (CBG) board on Monday selected Vice Chairman Ray Wirta to succeed Richard Blum as the next chairman of the board. Blum has stepped down from the position, but will continue as a director.

The move comes after the annual shareholders' meeting on Friday, May 16, when all directors of the company's board were reelected.

"I have tremendous appreciation for the growth and strategic gains CBRE has enjoyed during Dick's time as Chairman. 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," President and CEO Bob Sulentic said in a statement.

Blum has served as CBRE's chairman since September 2001, and is also a major shareholder of the company through investment partnerships. He has been a director of the company since July 1993.

Blum is the Chairman and a member of the Management Committee of Blum Capital Partners, L.P., a long-term strategic equity investment management firm that acts as general partner for various investment partnerships and provides investment advisory services, which he founded in 1975.

Meanwhile, Wirta has been a director of the company's board since August 1997, and will now serve as chairman. Wirta is President of the Investment Properties Group at the Irvine Co. since June 2010.

Previously, Wirta has been CEO of The Koll Co. since November 2009, and has also served as CBRE's CEO September 2001 to June 2005. He served as CEO of CBRE Services, Inc. from May 1999 to September 2001 and also served as its Chief Operating Officer from May 1998 to May 1999.

Wirta has earlier served as a director and non-executive chairman of Realty Finance Corp. and was previously the chairman from May 2005 through August 2009. He also served as interim CEO and president of Realty Finance from April 2007 to September 2007.

In Monday's regular trading session, CBG is currently trading at $29.05, up $0.07 or 0.24% on a volume of 541 shares.