The succession plan has been in the works for the past 12 months. A company source tells GlobeSt.com that Bibby will begin working out of the company's offices on the 25th floor of 1 California St. sometime in the second half of the year. Bibby was not available Thursday afternoon for comment. His replacement as chief development officer is expected to be named this summer.
"After 32 years, Abelmann feels it is time to hand the role over to the next generation of leadership," the source says. "The decision [to promote Bibby] was based on Bibby's overall experience, leadership qualities and property skills."
Jeremy Newsum, group CEO, says Abelmann's expertise and experience have been invaluable to the company. "Bill leaves Grosvenor Americas in robust shape and well-equipped to weather the current volatile market in the US and Canada," he says.
A 24-year veteran of the company, Bibby has been involved with nearly every major area of Grosvernor's business during his tenure. As chief development officer, he oversees the development activities for the business throughout Canada and the US. In addition to development, Bibby also has extensive experience with the asset management, acquisition and disposition of income producing properties and mezzanine lending.
Grosvenor had nearly $23 billion of assets under management as of last year. Grosvenor Americas projects include the $105 million retail-residential project called the Rise in Vancouver, which is due to be completed this year. The company also owns 185 Post St. in San Francisco, which is leased to De Beers jewelers for its flagship retail store.
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