Brokerage chief Ray Wirta is stepping down from his post at CB Richard Ellis. Company president Brett White, 45, will replace Wirta, who held the position since 1999.

“Brett and I have long been planning for this day. With our Insignia integration completed and the IPO well received by the investment community, now is an opportune time for me to pass the leadership reins to Brett,” said Wirta, 61, in a written statement.

Wirta will wrap up his CEO duties on June 2. However, he will continue to be a member of CBRE’s board of directors and executive committee. He will also serve as vice chairman for two years.