Global real estate services firm CBRE has announced plans to split its chief financial officer (CFO) and chief investment officer (CIO) roles into two senior executive positions.
Jim Groch, who has led both financial management and capital deployment functions since early 2014, will transition to focus full-time on capital allocation and deployment.
CBRE said that the plan reflected the fact that CBRE’s capacity to make investments had substantially increased over the past decade.
In his new role as global group president and CIO, Groch will primarily focus on opportunities to deploy capital in the company’s merger-and-acquisition programme and to allocate capital that will be invested by its real estate investments businesses. CBRE said they were functions he has overseen for the past ten years.
'Jim has had a profoundly positive impact on CBRE and has overseen a broad range of strategically important responsibilities for the company for an extended period of time,' said Bob Sulentic, CBRE’s president and chief executive officer. 'Going forward, we will benefit tremendously from Jim’s exclusive focus on capital allocation and deployment.'
Based in Dallas, the new CFO position will oversee CBRE’s finance and accounting organizsation, tax, treasury, financial planning & analytics, business intelligence and investor relations. CBRE has initiated a search for its next CFO and has retained Korn Ferry to assist in this process.
Groch will continue to serve as CFO until a successor is found for the role. 'I am excited to devote my full time and attention to CBRE’s investment activities. I am passionately committed to these parts of our business and anticipate great opportunities to deploy our capital over time to add value for our shareholders and capabilities for our clients,' Groch said.