Los Angeles – March 4, 2010 – CB Richard Ellis Group, Inc. (NYSE:CBG) today announced that Gil Borok has been promoted to Chief Financial Officer (CFO). He takes over the CFO responsibilities from Bob Sulentic, who will continue as the Company's President. Both Mr. Borok and Mr. Sulentic will report to Brett White, Chief Executive Officer of CB Richard Ellis.
Mr. Borok has been a key member of CB Richard Ellis' Corporate Finance Group for nearly eight years. He joined CB Richard Ellis as Corporate Controller in 2002 and most recently served as its Chief Accounting Officer and as the CFO of its Americas operations. He served as interim CFO for three months in late 2008 and early 2009.
"I am pleased to welcome Gil back to the CFO role," Mr. White said. "He has intimate knowledge of our finances and a deep understanding of our business. Gil is well known and highly regarded by the Wall Street community and has earned the respect and confidence of our Board of Directors and senior management throughout the organization."
The promotion of Mr. Borok allows Mr. Sulentic to devote his full attention and focus on running the Company's day-to-day business operations. Mr. Sulentic has responsibility for all of CB Richard Ellis' real estate services operations and principal business activities worldwide. The Company's global Human Resources function also reports to him.
"For the past year, Bob has filled two crucial roles at a critical time, and has contributed enormously to our success in navigating through the sharp market downturn," Mr. White said. "As market conditions improve, I look forward to continue working closely with Bob as we drive the Company to increased market share and strong sustainable growth."
About CB Richard Ellis
CB Richard Ellis 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 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis 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. CB Richard Ellis has been named a BusinessWeek 50 "best in class" company for three years in a row. Please visit our Web site at www.cbre.com.