UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company, as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
This Current Report on Form 8-K is filed by CBRE Group, Inc., a Delaware corporation (the “Company”), in connection with the matters described herein.
| Item 5.02 | Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On November 14, 2019, the Company announced new executive leadership assignments for key senior executives, effective January 1, 2020. William F. Concannon, currently Global CEO, Global Workplace Solutions, will assume a new senior executive role – Global Group President, Clients and Business Partners. Consistent with the Company’s succession planning, John E. Durburg, currently Global Chief Operating Officer, will succeed Mr. Concannon as Global CEO, Global Workplace Solutions. J. Christopher Kirk, currently Chief Executive Talent & Administrative Officer, will become Global Chief Operating Officer. Michael J. Lafitte, currently Global CEO, Advisory Services, will become Global CEO, Real Estate Investments. Lastly, Daniel G. Queenan, currently Global CEO, Real Estate Investments, will become Global CEO, Advisory Services.
| Item 8.01 | Other Events. |
The Company’s Board of Directors has approved an incremental $100 million increase to the Company’s stock repurchase authorization. The Company’s stock repurchase program is expected to be executed through open market transactions, privately negotiated transactions, or in such other manner as determined by the Company, including through plans complying with Rule 10b5-1 under the Exchange Act. The timing of the repurchases and the actual amount repurchased will depend on a variety of factors, including the market price of the Company’s common stock, general market and economic conditions and other factors. The stock repurchase program may be extended, suspended or discontinued at any time without notice.
Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: November 14, 2019 |
CBRE GROUP, INC. | |||||
| By: |
/s/ Dara A. Bazzano | |||||
| Dara A. Bazzano | ||||||
| Senior Vice President, Global Finance and Chief Accounting Officer | ||||||