Tim Dismond, the first chief diversity officer to be hired at CBRE, has left the firm.
In an exclusive statement to Bisnow, the company confirmed Dismond’s official departure on Sept. 1 and said its diversity, equity and inclusion efforts will now be headed up by Banke Odunaike, the firm’s chief culture officer.
Odunaike assumed her role in late July and “brings an important international perspective” as the firm expands its activities globally, a spokesperson said in an email.
From CBRE's London office, Banke formerly led a team of 97 legal professionals across 43 countries as head of Europe, the Middle East and Africa and Asia-Pacific Legal for CBRE’s Advisory Services business.
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“Linking Banke’s work on diversity with her leadership talent development and succession planning efforts will increase our pipeline of diverse talent,” the spokesperson said. “Banke is accountable directly to our CEO for our diversity efforts. Tim Dismond has done a great deal to enhance our DE&I programs. Now that he has elected to leave CBRE, we wish Tim continued great success.”
Bisnow has not learned a reason for Dismond’s departure or what is next for him.
CBRE created the chief diversity officer role in June 2020, two months after the murder of George Floyd, which spurred a corporate reckoning around racial inequality and representation. The move was intended to push the company’s diversity and inclusion efforts.
In July 2021, Dismond was named chief responsibility officer, a newly created position that nested the firm's DEI efforts under the umbrella of environmental, social and governance.
“While we have made notable gains in boosting diversity in our company, we know there is more that we must do, particularly with regard to African Americans and other ethnically diverse leaders,” CEO Bob Sulentic said in a statement after Dismond’s hiring. “The creation of the chief diversity officer role is a major step in accelerating our progress, particularly in senior leadership and brokerage positions.”
In addition to Odunaike, there are three people of color among executive leadership at CBRE — Emma Giamartino, chief financial officer; Vikram Kohli, chief operating officer; and Chandra Dhandapani, CEO of Global Workplace Solutions.
Dismond was a president in the firm’s Global Workplace Solutions division before he became chief diversity officer. He had been with the company since 2008. He did not immediately return Bisnow’s request for comment.
CBRE has been on a cost-cutting mission as the economic downturn devastates revenue. The company revised its earnings expectations for the second consecutive quarter at the end of October, citing a slowdown in leasing and sales due to a challenging capital markets environment.
Its latest round of cuts slashes $150M from the budget, which adds to the $400M that were announced at the end of 2022, most of which came from layoffs.
Dismond’s departure does not appear to be part of these reductions.
UPDATE, OCT. 30, 3:52 P.M. CT: This story has been updated to include Dismond's departure date.
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