Grubb & Ellis CEO Barry Barovick and CFO Ian Bress have both resigned from the firm "to pursue other opportunities," according to the company. The news of the executives' departure caps Grubb & Ellis’ long-running struggle to stay afloat through myriad broker departures and being de-listed from the New York Stock Exchange last year.
Michael Kojaian, the company's chairman will take a more active role in overseeing the company, while Brian Parker, former Grubb & Ellis CFO, has rejoined the company to replace Bress.
"These changes are designed to maximize Grubb & Ellis' effectiveness," Kojaian said in a statement. "We believe that our clients, employees and shareholders will be best served by streamlining our organization and directing new investment dollars to our core transaction and management services businesses."
Richard Fulton, executive vice president of transaction services, eastern region, and Robert Osbrink, executive vice president of transaction services, western region, will share the responsibility of directing the firm's transaction services segment. The property and facility management services operations will report to Maureen Ehrenberg, executive vice president of Grubb & Ellis and president of Grubb & Ellis Management Services Inc. Ehrenberg, fulton, Obrink and Parker will form the senior management team and oversee the day-to-day management of the firm, reporting to Kojaian.