Hines co-CEO Jeffrey Hines will step aside at the end of the year as part of a generational power shift at the developer and real estate investment giant.
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Jeffrey Hines will be replaced by Adam Hines, the current chief of staff to the CEO's office and the grandson of the firm’s founding namesake, as co-CEO alongside Laura Hines-Pierce, who has been in the role since 2022 and is Adam’s sister, the company announced Friday.
Jeffrey Hines will rotate into the role of chairman, where he will step back from day-to-day management and focus on advising the co-CEOs, effective Jan. 1. Hines-Pierce will also replace Jeffrey Hines as the CEO and board chair of Hines Global Income Trust, where Adam Hines will join as a board member.
Hines announced several other promotions as part of the change in leadership. David Steinbach will become the firm’s first president, and Alfonso Munk will become global chief investment officer, leaving his current role as co-head of the investment management business.
“Capital, infrastructure and human activity are converging in new ways across the built world, expanding the opportunity set beyond traditional definitions of real estate. Our ambition is to apply nearly 70 years of local knowledge, operating experience and investment discipline to that broader opportunity,” Hines-Pierce and Adam Hines said in a joint statement.
Hines is also planning to establish an external advisory board to provide independent outside perspectives and counsel to the co-CEO team. That committee will have no governance authority, and Hines’ investment committee authority remains unchanged.
Prior to becoming co-CEO in 2022, Hines-Pierce was the senior managing director in the office of the CEO and the firm’s transformation officer. Adam Hines joined the company in 2017 and joined the executive suite in August 2024, when he was promoted to chief of staff in the office of the CEO.
Hines has for years said it's been working through a succession plan that would see Hines-Pierce and her two brothers, Adam and Matthew Hines, all join the company’s CEO office.
Houston-based Hines was founded in 1957 and has grown to roughly $91B in assets under management and 4,600 employees in 29 countries. It’s one of the few commercial developers leaning into new construction, including in California industrial and Sun Belt multifamily assets.
“Investors will go into a particular part of the cycle thinking that their capital needs a return — and I think development is going to generate a very attractive return going forward,” Munk told Bisnow in August.
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