Jay S. Hennick’s term as global chairman and CEO of Colliers International Group (CIGI-T) has been extended until the beginning of 2029.
According to a statement released by Colliers, “a significant proportion” of Hennick’s total compensation will be tied to an incentive plan based on certain growth targets. If the firm’s market cap increases to approximately US$12.3 billion by January 1, 2029 (double its market cap from the end of 2023), Hennick will be able to fully vest 428,174 cash-settled Colliers units.
“With the implementation of this new long-term performance-based compensation plan, we believe that Colliers will be best positioned to continue delivering exceptional shareholder returns for many years to come,” Colliers’ lead director Jack Curtin said in the statement.
Hennick is currently the largest shareholder in Colliers.
He’s also the founder, chairman and largest individual shareholder of FirstService, where he was CEO from 1988 to 2015. FirstService acquired a controlling interest in Colliers Macaulay Nicolls (CMN) in 2004. CMN rebranded as Colliers International in 2010 before splitting off from FirstService in 2015 to trade publicly as Colliers International Group.
Hennick is chairman of his private family investment firm Hennick & Company. He was appointed to the Order of Canada in 2019 and was inducted into the Canadian Business Hall of Fame earlier this year.
Grosvenor promotes Ward to managing director
Grosvenor has promoted Michael Ward to the position of managing director, co-investment.
Based in Vancouver, Ward will lead the firm’s Structured Development Finance Programme and manage seven team members located in British Columbia, San Francisco and Washington, D.C.
Ward has spent his entire career at Grosvenor, joining the company as a real estate analyst in 2002 following an internship there the previous year. He served as a VP of development in both Washington (2008 to 2011) and Calgary (2011 to 2014) before returning to Vancouver a decade ago. Prior to this promotion, he had served as managing director of development since 2022.
Lipowitz becomes president at Thornhill Capital Realty
Ben Lipowitz has been appointed president of Thornhill Capital Realty in Montreal.
The company is the real estate investment division of Thornhill Capital, the investment group behind construction industry firms such as Kolostat, Krome, MSB Mechanical, FNX-Innov and ALLEN.
Lipowitz was most recently co-president at Kolostat and was previously executive VP of business development at FNX-Innov. His career has also included positions at JLL, Corner Cast Inc. and Icon Groupe.
Risser becomes chief business officer at Cologix
Tara Risser has joined Cologix as chief business officer.
She will oversee corporate development, market expansion and strategic partnerships at Cologix, which runs data centres and related services in 12 North American markets including Toronto, Montreal and Vancouver. The company partnered with real estate developer CIM Group to build the TOR4 data centre in Markham, Ont. which opened in 2023.
Risser previously spent nine years at Equinix, most recently as president of the Americas. Prior to Equinix she worked for 14 years at Level 3 Communications, the company where she launched her career in 2000.
Howe, Pascoli move up at PCL Toronto
Geoff Howe and Marc Pascoli have been promoted at PCL Construction in Toronto.
Pascoli becomes regional VP with oversight for PCL’s Toronto operations and the company’s Solar division. He’s in his 21st year with PCL, where he kicked off his career as a field engineer and project coordinator in 2003.
Howe has stepped into Pascoli’s previous role as senior VP and district manager for the Toronto office. In his new position, Howe assumes responsibility for PCL’s operations in the Greater Toronto Area and southwestern Ontario. He was previously based in Ottawa as a district manager at PCL, where he has spent all 17 years of his career.
Foucaud to head up CBRE’s Ottawa office
After 12 years in Montreal, Maxime Foucaud has accepted a new job in his hometown as managing director of CBRE in Ottawa.
He moves into the position after five years as VP of CBRE’s national investment team.
He started his career at Cushman & Wakefield before moving on to Brookfield Financial and then JLL. Foucaud’s career highlights include transactions involving the Molson Brewery site in 2018, the Montreal World Trade Centre in 2019, and Tour KPMG in 2021.
Terciera joins Atria Development
Atria Development Corp. has hired Durval Terceira as VP of business development and labour relations.
Terceira will oversee workforce development strategies and labour negotiations at Atria. He was previously the coordinator at Carpenters’ Local 1030, where he represented the interests of skilled tradespeople and advocated for fair working conditions across the Toronto area. For the Carpenters’ Regional Council Local 1030, he also served as regional manager and as an executive board member.
Starting in 2007, Terceira was business manager for LIUNA (Labourers’ International Union of North America) Local 183 in Ontario, where he negotiated more than 26 collective agreements for North America’s largest local construction union. Between 1997 and 2007, he served as a business representative at LIUNA for the concrete and drain sector.
Crigger new associate CEO at TRREB
Kevin Crigger has been appointed associate CEO of the Toronto Regional Real Estate Board (TRREB).
He will work with CEO John DiMichele to oversee the strategic direction of TRREB, whose 73,000 members comprise the largest real estate board in Canada. Crigger will also serve in a joint role as president of PropTx Innovations Inc., a wholly owned subsidiary of TRREB.
Crigger had most recently worked as a broker and team leader at Johnston & Daniel since 2011. Prior to that, he was president of Crigger & Associates from 2003 to 2010.
He’s a past president of both TRREB (2021 to 2022) and the Ontario REALTORS Care Foundation (2020 to 2021).
