Frye Steps Down After 13 Years Managing Improvement of Colliers Into Global CRE Services Supplier
Colliers CEO Doug Frye’s resignation comes two weeks after the company’s debut on Wall Street as a publicly traded company.
Colliers International Group CEO Douglas Frye, who has actually led the CRE services company considering that 2002, suddenly resigned this week. Colliers disclosed no factor for Frye’s resignation and neither he nor business authorities could be grabbed comment. Colliers and previous father and mother business FirstService just 15 days ago finished their split into separate publicly traded business and started trading.
Colliers (Nasdaq: CIGI) appointed Executive Chairman Jay S. Hennick to take on the function of CEO, according to a statement. Dylan Taylor, previously serving as international chief operating officer, will now also function as president of Colliers, which has more than 16,300 professionals operating from 502 workplaces in 67 nations.
Prior to becoming CEO of Colliers International in 2002, Frye held senior positions in the effort and capital markets business of the former Grubb & & Ellis. He likewise served for a number of years in customer acquisitions and personalities for The Shidler Group while based in Chicago.
He led Colliers through more than a decade of growth, assisting to manage the firm’s transformation from a loose confederation of affiliates into an unified international property services provider under Toronto-based FirstService Corp.When FirstService announced in February that the 2 companies would separate into two independent openly traded companies, FirstService showed Frye would remain in his role as president and CEO and remain to lead the executive team in charge of operations. The companies completed the split on June 1 and Colliers started trading on the Nasdaq Stock Market the next day. Frye leaves on a high note, with Colliers International generating international profits of more than $2.3 billion, including affiliates, throughout 2014. In a discussion with CoStar News in February, Frye kept in mind that lots of in the CRE industry see the existing strong CRE market conditions as an opportunity to cash out their efforts.”It seems like a question of timing, “stated Brandon Dobell, expert with William Blair & Co., who tracks the CRE services sector.”It feels like Doug had actually sort of burned the candle light at both ends and
perhaps felt that taking the business public was sort of a capstone to a particular & degree.” Hennick has been involved in Colliers operations for a long period of time and Taylor is seen within the company as an increasing executive. As an outcome,” there won’t be lots of beats missed”
in the change, Dobell stated. In the statement announcing Frye’s resignation, Hennick said the restructuring of Colliers as a separate public company places it for continued growth.”Our development approach will remain intact; a balance of strong internal development augmented by strategic acquisitions as we remain to enhance our international platform in vital markets around the world,”he said.