Wirta to Replace Didion as CEO of CB Richard Ellis

Los Angeles-based CB Richard Ellis Inc., the world’s largest real estate company, said Monday that Chief Operating Officer Ray Wirta will replace Jim Didion as chief executive.

Didion, 59, will remain as chairman of the brokerage and property management company, overseeing the company’s global strategy and relations with existing clients. The COO position will be eliminated and Brett White, who now heads CB’s brokerage division, will become chairman of its North American operations.

Analysts say the move will have little impact on the company’s management or direction.

“It’s just the normal line of progression,” says James F. Wilson of San Francisco-based Jefferies & Co. “It doesn’t change [Wirta’s] duties much.” Wirta, 55, was previously chief executive of Newport Beach-based Koll Real Estate Services. He assumed the COO role in 1997, when Koll, known for its large property-management division, was bought by CB Richard Ellis.

Didion has worked for CB Richard Ellis for 36 years and held the chief executive title for 12 years. Last year, Didion launched the real estate firm’s global expansion by purchasing London-based REI Ltd. CB Richard Ellis now has revenue of $1 billion and offices in 30 countries.

“Jim has done a terrific job of building the company,” Wirta said. “Now the job is one of integrating and fine-tuning the growth.”

The company’s shares have plunged 55% in the last year on concern that real estate investment activity will decline further, affecting the company’s core brokerage business. On Monday its stock price edged up 3% on the New York Stock Exchange, gaining 56 cents to close at $17.50.