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Real Estate - Real Estate - Services - NYSE - US
$ 130.23
-1.34 %
$ 39.9 B
Market Cap
43.27
P/E
1. INTRINSIC VALUE

CBRE Group, Inc. operates as a commercial real estate services and investment company worldwide. It operates through three segments: Advisory Services, Global Workplace Solutions, and Real Estate Investments segments. The Advisory Services segment provides strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing; property sales and mortgage services under the CBRE Capital Markets brand; property and project management services, including construction management, marketing, building engineering, accounting, and financial services for owners of and investors in office, industrial, and retail properties; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting.[ Read More ]

The intrinsic value of one CBRE stock under the base case scenario is HIDDEN Compared to the current market price of 130 USD, CBRE Group, Inc. is HIDDEN

2. FUNDAMENTAL ANALYSIS

Price Chart CBRE

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FINANCIALS
31.9 B REVENUE
3.64%
1.12 B OPERATING INCOME
-26.12%
986 M NET INCOME
-30.76%
480 M OPERATING CASH FLOW
-70.54%
-681 M INVESTING CASH FLOW
18.19%
154 M FINANCING CASH FLOW
108.72%
9.04 B REVENUE
7.69%
368 M OPERATING INCOME
49.59%
245 M NET INCOME
88.46%
573 M OPERATING CASH FLOW
94.90%
-187 M INVESTING CASH FLOW
53.02%
-320 M FINANCING CASH FLOW
-941.18%
Balance Sheet Decomposition CBRE Group, Inc.
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Current Assets 9.67 B
Cash & Short-Term Investments 1.26 B
Receivables 6.81 B
Other Current Assets 1.59 B
Non-Current Assets 12.9 B
Long-Term Investments 1.55 B
PP&E 1.94 B
Other Non-Current Assets 9.39 B
Current Liabilities 8.24 B
Accounts Payable 3.3 B
Short-Term Debt 969 M
Other Current Liabilities 3.98 B
Non-Current Liabilities 5.24 B
Long-Term Debt 3.96 B
Other Non-Current Liabilities 1.27 B
EFFICIENCY
Earnings Waterfall CBRE Group, Inc.
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Revenue 31.9 B
Cost Of Revenue 26.3 B
Gross Profit 5.68 B
Operating Expenses 5.18 B
Operating Income 1.12 B
Other Expenses 131 M
Net Income 986 M
RATIOS
17.77% GROSS MARGIN
17.77%
3.50% OPERATING MARGIN
3.50%
3.09% NET MARGIN
3.09%
11.93% ROE
11.93%
4.37% ROA
4.37%
7.64% ROIC
7.64%
FREE CASH FLOW ANALYSIS
Free Cash Flow Analysis CBRE Group, Inc.
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Net Income 986 M
Depreciation & Amortization 622 M
Capital Expenditures -305 M
Stock-Based Compensation 96.2 M
Change in Working Capital -1 B
Others -1.25 B
Free Cash Flow 175 M
3. WALL STREET ANALYSTS ESTIMATES
Wall Street Analysts Price Targets CBRE Group, Inc.
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Wall Street analysts predict an average 1-year price target for CBRE of $114 , with forecasts ranging from a low of $95 to a high of $132 .
CBRE Lowest Price Target Wall Street Target
95 USD -27.05%
CBRE Average Price Target Wall Street Target
114 USD -12.24%
CBRE Highest Price Target Wall Street Target
132 USD 1.36%
4. DIVIDEND ANALYSIS
0.00% DIVIDEND YIELD
0 USD DIVIDEND PER SHARE
5. COMPETITION
6. Ownership
Insider Ownership CBRE Group, Inc.
image
Sold
0-3 MONTHS
3.65 M USD 3
3-6 MONTHS
1.58 M USD 4
6-9 MONTHS
6.08 M USD 3
9-12 MONTHS
81.4 K USD 1
Bought
242 K USD 1
0-3 MONTHS
0 USD 0
3-6 MONTHS
0 USD 0
6-9 MONTHS
0 USD 0
9-12 MONTHS
Date Value Insider Amount Avg Price
4 days ago
Nov 12, 2024
Sell 1.14 M USD
Jenny Christopher T
Director
- 8444
135.5316 USD
3 days ago
Nov 13, 2024
Sell 142 K USD
Kohli Vikramaditya
Chief Operating Officer
- 1049
135.39 USD
2 months ago
Sep 03, 2024
Sell 1.15 M USD
Queenan Daniel G
CEO, Real Estate Investments
- 10000
114.67 USD
2 months ago
Aug 29, 2024
Bought 242 K USD
MUNOZ OSCAR
Director
+ 2100
115.2899 USD
2 months ago
Aug 20, 2024
Sell 1.21 M USD
Jenny Christopher T
Director
- 10847
112.0019 USD
3 months ago
Aug 12, 2024
Sell 361 K USD
Giamartino Emma E.
Chief Financial Officer
- 3311
108.89 USD
3 months ago
Aug 12, 2024
Sell 117 K USD
Kohli Vikramaditya
Chief Operating Officer
- 1074
108.89 USD
3 months ago
Jul 26, 2024
Sell 220 K USD
Caplan Lindsey S
Chief Accounting Officer
- 2000
109.8732 USD
5 months ago
Jun 03, 2024
Sell 886 K USD
Queenan Daniel G
CEO, Real Estate Investments
- 10000
88.64 USD
8 months ago
Mar 11, 2024
Sell 99 K USD
Giamartino Emma E.
Chief Financial Officer
- 1063
93.136 USD
8 months ago
Mar 11, 2024
Sell 150 K USD
Giamartino Emma E.
Chief Financial Officer
- 1604
93.79 USD
8 months ago
Mar 12, 2024
Sell 65.7 K USD
Giamartino Emma E.
Chief Financial Officer
- 704
93.36 USD
8 months ago
Feb 22, 2024
Sell 2.31 M USD
Durburg John E
CEO, Advisory Services
- 25000
92.2023 USD
9 months ago
Feb 16, 2024
Sell 1.12 M USD
Dhandapani Chandra
CEO, GWS
- 11925
94.0274 USD
9 months ago
Feb 16, 2024
Sell 2.34 M USD
Durburg John E
CEO, Advisory Services
- 25000
93.4044 USD
1 year ago
Nov 14, 2023
Sell 81.4 K USD
Giamartino Emma E.
Chief Financial Officer
- 1064
76.53 USD
1 year ago
Aug 29, 2023
Sell 101 M USD
Boze Brandon B
Director
- 1200000
84.41 USD
1 year ago
Aug 11, 2023
Sell 551 K USD
Dhandapani Chandra
CEO, GWS
- 6551
84.1016 USD
1 year ago
Aug 02, 2023
Sell 108 K USD
Caplan Lindsey S
Chief Accounting Officer
- 1305
83.08 USD
1 year ago
Aug 03, 2023
Sell 21.6 K USD
Caplan Lindsey S
Chief Accounting Officer
- 260
83 USD
1 year ago
Aug 01, 2023
Sell 275 M USD
Boze Brandon B
Director
- 3400000
80.8 USD
1 year ago
May 30, 2023
Sell 22.6 K USD
Dhandapani Chandra
CEO, GWS
- 301
75 USD
1 year ago
May 30, 2023
Sell 476 K USD
Dhandapani Chandra
CEO, GWS
- 6315
75.4 USD
1 year ago
Dec 01, 2022
Sell 400 K USD
Queenan Daniel G
CEO, Real Estate Investments
- 5000
80.08 USD
2 years ago
Sep 01, 2022
Sell 391 K USD
Queenan Daniel G
CEO, Real Estate Investments
- 5000
78.26 USD
2 years ago
Aug 30, 2022
Sell 41.2 K USD
Giamartino Emma E.
See Remarks
- 517
79.77 USD
2 years ago
Jun 01, 2022
Sell 416 K USD
Queenan Daniel G
CEO, Real Estate Investments
- 5000
83.16 USD
2 years ago
May 10, 2022
Sell 104 K USD
KIRK J. CHRISTOPHER
Global Chief Operating Officer
- 1315
79.391 USD
2 years ago
May 10, 2022
Sell 468 K USD
KIRK J. CHRISTOPHER
Global Chief Operating Officer
- 5929
78.9793 USD
2 years ago
May 10, 2022
Sell 615 K USD
KIRK J. CHRISTOPHER
Global Chief Operating Officer
- 7916
77.7025 USD
2 years ago
Mar 04, 2022
Sell 46.8 K USD
SULENTIC ROBERT E
President and CEO
- 500
93.513 USD
2 years ago
Mar 04, 2022
Sell 130 K USD
SULENTIC ROBERT E
President and CEO
- 1407
92.459 USD
2 years ago
Mar 04, 2022
Sell 402 K USD
SULENTIC ROBERT E
President and CEO
- 4387
91.612 USD
2 years ago
Mar 04, 2022
Sell 461 K USD
SULENTIC ROBERT E
President and CEO
- 5199
88.664 USD
2 years ago
Mar 03, 2022
Sell 546 K USD
SULENTIC ROBERT E
President and CEO
- 6035
90.455 USD
2 years ago
Mar 04, 2022
Sell 1.12 M USD
SULENTIC ROBERT E
President and CEO
- 12472
89.572 USD
2 years ago
Mar 02, 2022
Sell 14.2 K USD
Giamartino Emma E.
See Remarks
- 146
97 USD
2 years ago
Mar 01, 2022
Sell 484 K USD
Queenan Daniel G
Global CEO, Advisory Services
- 5000
96.86 USD
2 years ago
Feb 25, 2022
Sell 726 K USD
LAFITTE MICHAEL J
See Remarks
- 7406
98 USD
2 years ago
Feb 23, 2022
Sell 255 K USD
Midler Laurence H
EVP, GC & Chief Risk Officer
- 2558
99.7272 USD
2 years ago
Feb 18, 2022
Sell 27 K USD
Giamartino Emma E.
See Remarks
- 271
99.68 USD
2 years ago
Dec 01, 2021
Sell 488 K USD
Queenan Daniel G
Global CEO, Advisory Services
- 5000
97.66 USD
2 years ago
Dec 01, 2021
Sell 566 K USD
SULENTIC ROBERT E
President and CEO
- 5884
96.249 USD
2 years ago
Dec 01, 2021
Sell 625 K USD
SULENTIC ROBERT E
President and CEO
- 6564
95.231 USD
2 years ago
Dec 01, 2021
Sell 853 K USD
SULENTIC ROBERT E
President and CEO
- 8768
97.323 USD
2 years ago
Dec 01, 2021
Sell 863 K USD
SULENTIC ROBERT E
President and CEO
- 8784
98.243 USD
3 years ago
Nov 03, 2021
Sell 1.1 M USD
LAFITTE MICHAEL J
See Remarks
- 10468
104.8214 USD
3 years ago
Sep 01, 2021
Sell 1.45 K USD
Queenan Daniel G
Global CEO, Advisory Services
- 15
96.7 USD
3 years ago
Sep 01, 2021
Sell 195 K USD
SULENTIC ROBERT E
President and CEO
- 1994
97.744 USD
3 years ago
Sep 01, 2021
Sell 279 K USD
SULENTIC ROBERT E
President and CEO
- 2894
96.234 USD
3 years ago
Sep 01, 2021
Sell 2.44 M USD
SULENTIC ROBERT E
President and CEO
- 25112
97.307 USD
3 years ago
Aug 10, 2021
Sell 29.1 M USD
Boze Brandon B
Director
- 302000
96.41 USD
3 years ago
Aug 11, 2021
Sell 34.4 M USD
Boze Brandon B
Director
- 357000
96.34 USD
3 years ago
Aug 12, 2021
Sell 32.6 M USD
Boze Brandon B
Director
- 341000
95.47 USD
3 years ago
Aug 05, 2021
Sell 22 K USD
Giamartino Emma E.
See Remarks
- 227
96.9 USD
3 years ago
Aug 04, 2021
Sell 784 K USD
KIRK J. CHRISTOPHER
Global Chief Operating Officer
- 8100
96.7983 USD
3 years ago
Aug 04, 2021
Sell 962 K USD
KIRK J. CHRISTOPHER
Global Chief Operating Officer
- 9900
97.1901 USD
3 years ago
Jun 01, 2021
Sell 593 K USD
Queenan Daniel G
Global CEO, Advisory Services
- 6700
88.55 USD
3 years ago
Jun 01, 2021
Sell 582 K USD
SULENTIC ROBERT E
President and CEO
- 6494
89.606 USD
3 years ago
Jun 01, 2021
Sell 2.08 M USD
SULENTIC ROBERT E
President and CEO
- 23506
88.611 USD
3 years ago
May 05, 2021
Sell 934 K USD
Dhandapani Chandra
Chief Administrative Officer
- 11000
84.9298 USD
3 years ago
Mar 15, 2021
Sell 2.38 M USD
SULENTIC ROBERT E
President and CEO
- 30000
79.3281 USD
3 years ago
Mar 12, 2021
Sell 157 K USD
Durburg John E
Global CEO, GWS
- 2000
78.525 USD
3 years ago
Mar 02, 2021
Sell 603 K USD
Dhandapani Chandra
Chief Administrative Officer
- 7773
77.5872 USD
3 years ago
Mar 02, 2021
Sell 573 K USD
LAFITTE MICHAEL J
See Remarks
- 7402
77.392 USD
3 years ago
Mar 01, 2021
Sell 1.34 M USD
LAFITTE MICHAEL J
See Remarks
- 17186
77.8233 USD
3 years ago
Mar 01, 2021
Sell 22.6 K USD
Queenan Daniel G
Global CEO, Advisory Services
- 295
76.72 USD
3 years ago
Dec 01, 2020
Sell 40.9 K USD
Queenan Daniel G
Global CEO, Advisory Services
- 659
61.99 USD
3 years ago
Nov 27, 2020
Sell 158 K USD
Dhandapani Chandra
Chief Administrative Officer
- 2589
61.0187 USD
4 years ago
Sep 15, 2020
Sell 374 K USD
Midler Laurence H
EVP, GC & Chief Risk Officer
- 7500
49.9 USD
4 years ago
Sep 01, 2020
Sell 304 K USD
Queenan Daniel G
Global CEO, Advisory Services
- 6506
46.8 USD
4 years ago
Jun 09, 2020
Sell 1.04 M USD
KIRK J. CHRISTOPHER
Global Chief Operating Officer
- 19500
53.5067 USD
4 years ago
Jun 10, 2020
Sell 2.03 M USD
LAFITTE MICHAEL J
See Remarks
- 39196
51.7297 USD
4 years ago
Jun 08, 2020
Sell 887 K USD
Midler Laurence H
EVP, GC & Chief Risk Officer
- 16000
55.4459 USD
4 years ago
May 15, 2020
Sell 3.15 M USD
WIRTA RAYMOND E
Director
- 87516
36.0113 USD
4 years ago
May 12, 2020
Bought 7.74 K USD
Goodman Shira
Director
+ 200
38.72 USD
4 years ago
May 12, 2020
Bought 92.9 K USD
Goodman Shira
Director
+ 2400
38.728 USD
4 years ago
Nov 22, 2019
Sell 57.6 K USD
CONCANNON WILLIAM F
CEO, GWS
- 1047
55.007 USD
4 years ago
Nov 25, 2019
Sell 455 K USD
CONCANNON WILLIAM F
CEO, GWS
- 8268
55.0337 USD
5 years ago
Nov 18, 2019
Sell 1.5 M USD
LAFITTE MICHAEL J
CEO, Advisory Services
- 26759
56.0188 USD
5 years ago
Nov 15, 2019
Sell 2.21 M USD
SULENTIC ROBERT E
President and CEO
- 40000
55.3 USD
5 years ago
Sep 20, 2019
Sell 4.06 M USD
GROCH JAMES R
See Remarks
- 75000
54.1037 USD
5 years ago
Sep 12, 2019
Sell 162 M USD
Boze Brandon B
Director
- 3000000
53.86 USD
5 years ago
Aug 15, 2019
Sell 2 M USD
SULENTIC ROBERT E
President and CEO
- 40000
50 USD
5 years ago
Aug 01, 2019
Sell 2.76 M USD
GROCH JAMES R
See Remarks
- 50000
55.1255 USD
5 years ago
Jun 11, 2019
Sell 2 M USD
SULENTIC ROBERT E
President and CEO
- 40000
50 USD
5 years ago
May 22, 2019
Sell 4.73 K USD
FEENY CURTIS F
Director
- 100
47.305 USD
5 years ago
May 22, 2019
Sell 209 K USD
FEENY CURTIS F
Director
- 4414
47.3 USD
5 years ago
May 17, 2019
Sell 189 K USD
FEENY CURTIS F
Director
- 4000
47.2466 USD
5 years ago
May 15, 2019
Sell 59.5 K USD
Bazzano Dara
See Remarks
- 1252
47.5074 USD
5 years ago
Apr 12, 2019
Sell 2.6 M USD
GROCH JAMES R
Chief Financial Officer
- 50000
52.0008 USD
5 years ago
Mar 11, 2019
Sell 948 K USD
GROCH JAMES R
Chief Financial Officer
- 18807
50.4178 USD
5 years ago
Mar 11, 2019
Sell 1.58 M USD
GROCH JAMES R
Chief Financial Officer
- 31193
50.4953 USD
5 years ago
Mar 11, 2019
Sell 905 K USD
KIRK J. CHRISTOPHER
Chief Exec Talent & Admin Off
- 17900
50.5345 USD
5 years ago
Mar 11, 2019
Sell 1.65 M USD
LAFITTE MICHAEL J
CEO, Advisory Services
- 32706
50.5373 USD
5 years ago
Mar 11, 2019
Sell 698 K USD
Midler Laurence H
EVP, GC & Chief Risk Officer
- 13848
50.4344 USD
5 years ago
Mar 11, 2019
Sell 332 M USD
Boze Brandon B
Director
- 6700000
49.51 USD
5 years ago
Dec 04, 2018
Bought 212 K USD
LOPEZ GERARDO I
Director
+ 5000
42.4131 USD
6 years ago
Aug 20, 2018
Sell 1.37 M USD
CONCANNON WILLIAM F
CEO, GWS
- 28878
47.4698 USD
7. News
5 Reasons to Add CBRE Group Stock to Your Portfolio Now Extensive real estate market knowledge, a wide array of real estate products and services offerings, improved transaction activity and a healthy outsourcing business bode well for CBRE. zacks.com - 2 days ago
CBRE (CBRE) Reliance on International Sales: What Investors Need to Know Explore CBRE's (CBRE) international revenue trends and how these numbers impact Wall Street's forecasts and what's ahead for the stock. zacks.com - 2 weeks ago
CBRE Group: Real Estate Stock That Benefits From Rate Cuts And Infrastructure Spend CBRE Group consistently beats earnings estimates, raised its 2024 outlook, and plans increased share buybacks, indicating confidence in undervalued stock. The recent Federal Funds rate cut has boosted real estate investment interest, enhancing CBRE's outlook and benefiting from the easing cycle. CBRE's diverse services and strong reputation create a resilient business model, well-positioned to capitalize on infrastructure investments and global market opportunities. seekingalpha.com - 3 weeks ago
CBRE: Still Bullish Considering Above-Expectations Results And Positive Guidance Revision I maintain a Buy rating for CBRE, driven by strong Q3 results and expectations of substantial earnings growth for FY 2024 and FY 2025. CBRE's Q3 2024 revenue and non-GAAP adjusted EPS exceeded expectations, with notable performance from the Advisory Services segment, which saw significant revenue and operating income growth. The company raised its FY 2024 EPS guidance considering robust office leasing demand for the Advisory Services segment and improved profitability for the Global Workplace Solutions segment. seekingalpha.com - 3 weeks ago
Why CBRE Group (CBRE) is a Top Momentum Stock for the Long-Term The Zacks Style Scores offers investors a way to easily find top-rated stocks based on their investing style. Here's why you should take advantage. zacks.com - 3 weeks ago
CBRE Group, Inc. (CBRE) Q3 2024 Earnings Call Transcript CBRE Group, Inc. (NYSE:CBRE ) Q3 2024 Results Conference Call October 24, 2024 8:30 AM ET Company Participants Chandni Luthra - Executive Vice President, Head of FP&A and Investor Relations Bob Sulentic - Chair & Chief Executive Officer Emma Giamartino - Chief Financial Officer Conference Call Participants Michael Griffin - Citi Anthony Paolone - JPMorgan Chase Steve Sakwa - Evercore ISI Stephen Sheldon - William Blair Ronald Kamdem - Morgan Stanley Jade Rahmani - KBW Peter Abramowitz - Jefferies Operator Greetings, and welcome to the CBRE Third Quarter 2024 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. seekingalpha.com - 3 weeks ago
CBRE Group Stock Rises on Q3 Earnings Beat, 2024 EPS Outlook Raised CBRE's Q3 results reflect a year-over-year rise in revenues due to solid performances by all business segments despite the challenging macro environment. zacks.com - 3 weeks ago
CBRE (CBRE) Q3 Earnings: Taking a Look at Key Metrics Versus Estimates Although the revenue and EPS for CBRE (CBRE) give a sense of how its business performed in the quarter ended September 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers. zacks.com - 3 weeks ago
CBRE Group (CBRE) Surpasses Q3 Earnings and Revenue Estimates CBRE Group (CBRE) came out with quarterly earnings of $1.20 per share, beating the Zacks Consensus Estimate of $1.06 per share. This compares to earnings of $0.72 per share a year ago. zacks.com - 3 weeks ago
CBRE Group, Inc. Reports Financial Results for Third-Quarter 2024 DALLAS--(BUSINESS WIRE)--CBRE Group, Inc. (NYSE:CBRE) today reported financial results for the third quarter ended September 30, 2024. Key Highlights: GAAP EPS up 20% to $0.73; Core EPS up 67% to $1.20 Revenue up 15%; net revenue up 20% Resilient Business(1) net revenue increased 18%, anchored by Turner & Townsend Global leasing revenue surged 19%, supported by a 24% increase in the United States Global property sales revenue increased for the first time in eight quarters; 20% growth in the. businesswire.com - 3 weeks ago
CBRE to Report Q3 Earnings: Key Factors to Consider for the Stock A focus on resilient business and diversification across property types, lines of business, geographic markets and clients is likely to aid CBRE's Q3 results. zacks.com - 3 weeks ago
Unveiling CBRE (CBRE) Q3 Outlook: Wall Street Estimates for Key Metrics Get a deeper insight into the potential performance of CBRE (CBRE) for the quarter ended September 2024 by going beyond Wall Street's top -and-bottom-line estimates and examining the estimates for some of its key metrics. zacks.com - 3 weeks ago
8. Profile Summary

CBRE Group, Inc. CBRE

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COUNTRY US
INDUSTRY Real Estate - Services
MARKET CAP $ 39.9 B
Dividend Yield 0.00%
Description CBRE Group, Inc. operates as a commercial real estate services and investment company worldwide. It operates through three segments: Advisory Services, Global Workplace Solutions, and Real Estate Investments segments. The Advisory Services segment provides strategic advice and execution to owners, investors, and occupiers of real estate in connection with leasing; property sales and mortgage services under the CBRE Capital Markets brand; property and project management services, including construction management, marketing, building engineering, accounting, and financial services for owners of and investors in office, industrial, and retail properties; and valuation services that include market value appraisals, litigation support, discounted cash flow analyses, and feasibility studies, as well as consulting services, such as property condition reports, hotel advisory, and environmental consulting. The Global Workplace Solutions segment offers facilities management, project management, and transaction management services. The Real Estate Investments segment provides investment management services under the CBRE Investment Management brand to pension funds, insurance companies, sovereign wealth funds, foundations, endowments, and other institutional investors; development services under the Trammell Crow Company brand primarily to users of and investors in commercial real estate; and flexible-space solutions under the CBRE Hana brand. The company was founded in 1906 and is headquartered in Dallas, Texas.
Contact 2100 McKinney Avenue, Dallas, TX, 75201 https://www.cbre.com
IPO Date June 10, 2004
Employees 130000
Officers Mr. Croft Young Chief Investment Officer Ms. Emma E. Giamartino Global Chief Financial Officer Ms. Alison Caplan Chief Administrative Officer Ms. Chandni Luthra Executive Vice President of Investor Relations and Financial Planning & Analysis Mr. Chad J. Doellinger Executive Vice President, General Counsel & Corporate Secretary Mr. Daniel G. Queenan J.D. Chief Executive Officer of Real Estate Investments Mr. Vikramaditya Kohli Chief Operating Officer Mr. Lindsey S. Caplan Chief Accounting Officer Ms. Elizabeth Atlee Senior Vice President and Chief Ethics & Compliance Officer Mr. Robert E. Sulentic President, Chief Executive Officer & Chairman of Board