JLL, the Chicago-based property services firm which owns real estate investment manager LaSalle Investment Management, has appointed Christian Ulbrich as chief executive officer (CEO) replacing the current CEO Colin Dyer, who has led the business since 2004.
Ulbrich, who was only appointed as the firm’s president since June, will officially take over the role of CEO on October 1. Dyer, who is retiring, will continue to guide the firm’s research department until the end of the year, to ensure a smooth transition, said JLL.
As president and CEO, Ulbrich will have overall leadership responsibility for JLL’s strategic direction and growth, and he will report to the board of directors, on which he serves as an executive member. He will also chair the company’s global executive board, the firm’s most senior internal management committee, on which he has served for eight years.
Ulbrich joined JLL in 2005 as managing director of JLL Germany and served as EMEA CEO since 2009 before being named president. It was under his leadership that the firm nearly tripled its revenue in the EMEA region.
Prior to working for JLL, Ulbrich was formerly CEO of the HIH group of companies headquartered in Hamburg. He also worked for MM Warburg Bank, also based in Hamburg, and held various positions within German and international banks.
“Working closely with Christian since he joined JLL, I know first-hand his deep understanding of global real estate dynamics and ability to lead across wide and diverse geographies,” said Dyer. “With his guidance and our strong management team, JLL will continue to grow and prosper.”
Since 2004, under Dyer’s leadership, JLL’s revenues have grown more than five times to $6 billion, it has secured more than 80 strategic acquisitions across the globe and added more than 100 offices and 30 new countries to its geographic footprint.
Sheila Penrose, chairman of the board, said: “The board has worked with Colin on a comprehensive and robust succession process, culminating in Christian’s selection as CEO. We look forward to Christian’s leadership of JLL’s strategy, operations and corporate culture, building on a strong company legacy.”
Ulbrich said: “In my new role, I intend to build on the platform of profitable and resilient growth that we have maintained in the last 12 years; continue our commitment to integrity, diversity and sustainability; and underscore our leadership position in the digital revolution.”
LaSalle Investment Management, a real estate investment management business with $59 billion of assets under management, is one of the businesses owned by JLL.