The Sobrato Organization, one of the largest developers in Silicon Valley, has named a new CEO. Matthew Sonsini, the company’s chief investment officer, will be promoted to CEO, the Silicon Valley Business Journal reports. John M. Sobrato, the current CEO, will become chairman of the board while company founder John A. Sobrato will become chairman emeritus.

Sonsini has been with the organization since 2008 when he joined as executive vice president. He also served as chief operating officer and led the company’s non-real estate division, Sobrato Capital. He previously served at Wilson Sonsini Goodrich & Rosati, where he worked as a partner for seven years.

He is married to Lisa Sobrato Sonsini, John A. Sobrato’s youngest daughter, who co-founded the philanthropic Sobrato Family Foundation.

The family has been working on a succession plan that includes family and nonfamily members. John A. Sobrato created the company in 1979 and is considered one of the richest people in real estate.