Richard Ellis has confirmed the line-up of the new-look board of directors which will run the firm when incorporation takes effect on Thursday.
Andrew Huntley remains chairman with Alan Froggett as managing partner. The other board members are Stephen Hubbard, Michael Strong, Ted Webster and Hugh Ellingham along with finance director Ian Harvey.
Huntley says incorporation and the change from a “firm” to a “company” will not change philosophy and values, but in the long term the new structure, he says, “will allow us to contemplate a more pro-active and entrepreneurial future for the benefit of both our clients and staff.”
In a recent interview with Estates Gazette, chairman Andrew Huntley said incorporation would create a more authoritative board which would introduce new decision-making processes.
The new structure involves the merger of RE’s existing group operations within the new Richard Ellis Group Limited which will be the 100% owner of both Richard Ellis Holdings and the SFA regulated companies which include RE Financial, RE Structured Finance and RE Corporate Finance.
The recent EG 100 survey of the UK’s surveying practices ranked RE 7th in terms of group turnover with £120m, half that of rival JLW and well behind the leader DTZ with £644m. On UK business alone, RE is on a par with Grimley with UK turnover of £33m.
EGi News 30/04/97
