The world's largest real estate services and investment firm has given its top leader an additional role at the firm: chairman of its board of directors.
The additional role to Bob Sulentic's resume at Dallas-based CBRE begins immediately, with him taking the chair position after 11 years as the firm's president and CEO. He remains at the helm of the company and succeeds Brandon Boze, who served as the board chair since May 2018.
Boze will remain on the board with Shira Goodman, former CEO of Staples and a director on CBRE's board since May 2019, being appointed to lead independent director. Sulentic has worked closely with Boze as board chair for more than five years, officials said, driving strategic, operational and financial gains across the Fortune 500 and S&P 500 company with more than 115,000 employees, which has clients in more than 100 countries.
Like other real estate brokerage firms, CBRE's bottom line has been hit by the stalled capital markets and the changing office leasing environment. The firm told investors it planned to cut millions of dollars in costs during the last earnings calls.
In a Dallas Regional Chamber luncheon earlier this month, Sulentic said valuations are expected to drop even further than originally anticipated as the fallout from elevated interest rates and cost of capital affect what buyers can pay for commercial real estate at the moment.
In response to his new role as chair of the board of directors, Sulentic said he was honored to assume the added responsibilities.
CBRE is well-served by Sulentic's appointment as board chair, Boze said in a statement, with Sulentic being an "exception executive," who has led the firm to "significant growth and strong shareholder returns," as well as an enhanced global industry leadership position, strengthened balance sheet and improved employee engagement.
Newly appointed lead independent director Goodman, who previously served as chair of the audit committee and a member of the compensation committee on CBRE's board, added, "Unifying the CEO and chair roles will enable us to build on the company’s many accomplishments and drive its long-term strategy."