Douglas Frye resigns as CEO of Colliers weeks after spin-off

Real estate services firm Colliers International has appointed its largest shareholder, Jay Hennick, to replace Douglas Frye after the latter resigned as global president and CEO.

Hennick has been appointed chairman and CEO of the Colliers International with immediate effect, with Dylan Taylor named as president and chief operating officer with responsibility for all operational matters.

Colliers released no further details about Frye's sudden departure, which comes less than three weeks after Colliers International and FirstService Corporation completed their separation into two independent, publicly traded companies.

At the time Frye said Colliers' mission was to establish itself as ‘the global firm that best serves the needs of today’s real estate clients’. Frye gave no indication he was on the way out, adding: ‘To successfully support the next phase of this mission, we will continue to grow our global platform in professional services and seek out opportunities to diversify our revenue streams while advancing our track record of exceptional service.'

New CEO
Colliers said late on Wednesday that Hennick would 'provide a seamless transition in the key CEO position at Colliers International'.

Hennick founded FirstService Corporation, the former parent company of Colliers International, in 1989, and served as its CEO until earlier this month when he led the separation of FirstService into two the two publicly traded companies.

'With the recent launch of Colliers International as an independent public company, we're at an exciting, transformational period in our history, and better positioned than ever to accelerate the success of our clients and professionals, while creating value for our shareholders,' said Hennick.

'Our growth strategy will remain intact: a balance of strong internal growth augmented by strategic acquisitions as we continue to enhance our global platform in key markets around the world. As we look toward the future with great anticipation and excitement, I would like to thank Doug for his years of service and contribution to the company,' he concluded.

Global chief operating officer Dylan Taylor will take on the role of president in addition to his current responsibilities. Taylor previously oversaw the global operations of Colliers and its more than 16,300 employees operating out of 502 offices in 67 countries.