Colony Capital founder and Executive Chairman Thomas Barrack Jr. will reassume his role as CEO of the global real estate investment management firm following the resignation of Richard Saltzman, the company’s CEO, president and director, the company announced in a news release Wednesday.

Los Angeles-based Colony Capital's board of directors reached a mutual agreement with Saltzman to leave his post. Saltzman served as CEO since 2014. He will still remain with the company as chairman of Colony Credit Real Estate and NorthStar Realty Europe. Both are externally managed by subsidiaries of the company.

Barrack Jr. founded Colony in 1991 and served as CEO until 2014 when Colony merged into Colony Financial.

"Since the combination of Colony Financial and Colony Capital to create the listed entity Colony Capital, and since the complex merger of Colony and the NorthStar entities, Mr. Saltzman has tirelessly worked to position the company for the future. We are grateful for his contributions and wish him continued success," the board wrote in a statement. "We are pleased that Tom will again be Colony’s CEO.”

The announcement was one of many immediate organizational and restructuring moves the company plans to undertake in the next 18 months.

Colony’s current chief financial officer, Darren Tangen, will resign from his position Jan. 1 and will be named president. Mark Hedstrom, Colony’s chief operating officer, will add to his responsibilities and reassume his previous role as chief financial officer. Hedstrom served as Colony’s chief financial officer prior to the 2014 merger.

Additionally, as part of a reorganization and restructuring plan, Colony plans to reduce overhead and cut an expected $50M to $55M in administrative costs in the next 12 to 18 months.

The company said the cost reductions are designed to leave the Colony "more nimble and de-centralized, with a focus on pay-for-performance."