- Grosvenor Group, which first invested in Vancouver 65 years ago, has appointed Steve O'Connell as its new CEO
- He will succeed Andrew Bibby who, after 35 years with the company, will retire on 31 December 2018.
SAN FRANCISCO, May 16, 2018 /PRNewswire/ -- Grosvenor Group, the privately-owned international property group has appointed Steve O'Connell as its new CEO. He will succeed Andrew Bibby who, after 35 years with the company, will retire on 31 December 2018.
Joining Grosvenor in 2011, Steve O'Connell led Grosvenor's Development team in San Francisco establishing its residential programme there. In 2015 Steve was promoted to Managing Director, Investment to oversee Grosvenor Americas' (GA) Investment and Co-Investment activities throughout the USA and Canada.
Steve holds an Engineering degree from McGill University and an MBA from the University of California Berkeley - Haas School of Business. Steve is a UC Berkeley Fisher Center Policy Advisory Board member, a member of the Bay Area Council board of directors and one of Urban Land Institute's (ULI) National Mixed Use Development Councils.
Steve's first action as part of his new role is announcing that James Patillo has been appointed to the Board of Directors of Grosvenor Americas. He will be responsible for all of Grosvenor's development activity in the US and Canada as Chief Development Officer. Joining the Company in 2006 and working both in Calgary and Vancouver, James has excelled in the role of Managing Director of Development, overseeing Grosvenor's North American development pipeline valued at $C3.9b.
Peter Vernon, Executive Director of Grosvenor Group said:
'Grosvenor has been active in North America since 1953. It represents a significant part of our business which under Andrew's leadership has gone from strength to strength. Steve O'Connell appointment is yet a further example of the strength of Grosvenor Americas' management team and our ability to nurture talent. He is ideally suited to the role on the basis of his track record and ambitious vision for the business' future.'
Steve O'Connell said: 'I am thrilled to have the opportunity to lead Grosvenor's strategic growth plan in North America. We operate an established and successful business that is deeply rooted in our local markets, while also benefitting from the experience of our international companies. Andrew has led us through a period of sustained growth over the past 10 years; our development, property portfolio and co-investment teams are all actively engaged in high quality projects in each of our North American markets. Looking forward, our teams are well positioned for growth as we actively seek opportunities which allow us to make a positive contribution to the communities in which we operate.'
Andrew Bibby added: 'As CEO I sought to drive a more active and entrepreneurial approach to Grosvenor Americas that encouraged innovation, talent development and the creation of new revenue opportunities, relying less on passive valuation increases. Today, our development pipeline is healthy at $3.9b and our assets under management are $5.0b; I'm pleased to be retiring on this positive note.'
Notes to editors
About Grosvenor Americas:
Grosvenor Americas is an active developer, investor and co-investor across Canada and the USA. Our strategy is to invest in vibrant urban locations where we can add value and address some of the challenges that face our markets, including housing supply. Our active development pipeline includes 875 California Street in San Francisco and The Pacific in downtown Vancouver, as well as the second phase of Grosvenor Ambleside in West Vancouver. Our Structured Development Finance programme invests in projects that address affordability issues by providing capital to early stage developers and our Investment programme adds value to residential, retail and commercial assets in high-quality places.
As at 31 December 2017, Grosvenor Americas had assets under management of C$5.0bn.
Follow us on:
Twitter: @GrosvenorAmer
Instagram: @grosvenor.americas
SOURCE Grosvenor Group
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