The president of Beverly Hills-based Kennedy Wilson, which has a global portfolio of nearly 26M SF of commercial real estate and 37,400 residential units, is retiring after 33 years with the firm.

Mary Ricks ascended to president of the firm five years ago. She also plans to step down from the company’s board of directors, serving as a consultant to Kennedy Wilson during the leadership transition, according to a press release.

Ricks spearheaded the commercial real estate investment firm’s expansion into Europe, where she oversaw the purchase of $10B in real estate in Italy, Spain and the UK, the Los Angeles Business Journal previously reported.

“Launching the EU business, assembling a stellar team there, taking it public, and then having the privilege to serve as KW Europe’s president and CEO are among the milestones I’m proud to have achieved,” Ricks said in a statement. “More than anything, it’s the deep relationships forged over decades that I cherish the most and am immensely grateful for.”

In Ricks' place, Kennedy Wilson is promoting Executive Vice President Matt Windisch to president. Windisch is a 17-year veteran with the firm who expanded its credit business into a $7B division and raised more than $15B for Kennedy Wilson's various platforms. The firm also named former UK Head Mike Pegler as president of the European division.

Ricks’ retirement comes as the global commercial real estate industry faces headwinds, mainly through rising interest rates and a struggling office market. Kennedy Wilson reported a net profit of $39M for the second quarter, up from a $9M net loss in the second quarter of 2022, due to gains on the sale of real estate, proceeds from its construction loan portfolio and higher net operating income from The Shelbourne hotel, according to Securities and Exchange Commission filings.

Kennedy Wilson also acquired $4.1B of construction loans from Pacific Western Bank this summer, an effect of the regional banking crisis.

“As my trusted partner and dear friend, Mary has made a significant impact on me personally and has been instrumental in growing our company from an entrepreneurial start-up into a global real estate leader,” Kennedy Wilson Chairman and CEO William McMorrow said in a statement. “I am grateful to have had the opportunity to work side-by-side with Mary over the last three decades. She is a fearless leader with a team-first attitude, and we will miss her greatly.”