CBRE's Wirta: 'Operation Transition' Already in Effect

"In effect, 'Operation Transition' has been occurring even before this announcement," said CB Richard Ellis Inc. CEO Ray Wirta, who will hand over the reins on June 2 to president Brett White in what he considers merely a ceremonial event.

For the past six years--since Wirta became CEO of the global brokerage services firm--the two men have worked closely on all the company's major operations, especially CB's 2003 merger with Insignia/ESG Inc. and its June 2004 IPO.

"Our Wall Street presentations have always had us there together," Wirta added. "So I imagine the reaction is: 'That's just what we thought would happen.'"

He expects the transition over the next few months to be a smooth one, particularly since White already oversees 95 percent of the firm's operations and has been working with Wirta to learn the last remaining business units: legal, finance and investment advisement.

White, at 45 years of age, will carry the title of president & CEO. He has been with the company since 1984, when he started as a sales trainee. In 1991, he entered the management track and became president in 2001.

"The key difference between us is our backgrounds," said Wirta. "He came up through ranks and started as a sales person, so he's more attuned to the nature of the business. That will be helpful to him as he goes forward."

Wirta, though, joined the firm in 1997, when it acquired Koll Real Estate Services.
The 61-year-old will remain active in the company for another two years as vice chairman of the board of directors, handling special projects for White. But he says there are no plans to change the direction of operations at CB Richard Ellis. "We've been telling analysts, it's business as usual."