ULI Chicago News

Real Estate Industry Needs Better Preparation for CEO Succession says ULI report

ULI PRESS RELEASE WASHINGTON (August 1, 2012) — A survey of senior executives at 235 major real estate firms in the U.S. shows that most believe the industry as a whole is ill-prepared for the chief executive officer (CEO) succession process, which could jeopardize a smooth transition of company leadership, according to a report released today by the Urban Land Institute (ULI) and Russell Reynolds Associates.

Eighty-nine percent of the survey respondents said that real estate firms do not have adequate CEO succession plans, and nearly one-third do not feel confident that their firm could immediately select a new CEO if necessary. This suggests “a disturbing lack of preparedness for CEO succession,” says Avoiding Vacancy: Becoming a Succession Leader in the Real Estate Sector. “While many firms have succession plans in place, few of these plans contain the necessary ingredients for proven success,” the report says.

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