Colliers Completes Transaction to Settle Long-Term Incentive Arrangement and Establish Timeline for Orderly Elimination of Dual Class Voting Structure
Colliers International Group (CIGI) has finalized a Transaction to settle its Management Services Agreement with Jay S. Hennick, establishing a timeline to eliminate its dual-class voting structure by September 1, 2028. A new five-year agreement has been signed, allowing Hennick to continue his role as CEO or Executive Chairman without equity-linked compensation. Hennick controls 14.4% of total shares, holding significant voting power. Colliers operates in 67 countries, with annual revenues of $3.0 billion and expertise in real estate services.
- Establishment of a timeline to eliminate the dual-class voting structure by September 1, 2028.
- Continued leadership of Jay S. Hennick as CEO/Executive Chairman under a new five-year agreement.
- The new management services agreement eliminates long-term incentives and stock options for Hennick.
TORONTO, April 16, 2021 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (TSX: CIGI; NASDAQ: CIGI) (“Colliers” or the “Company”) today announced that it has completed the previously announced transaction (the “Transaction”) to settle the Management Services Agreement (the “MSA”), including the long-term incentive arrangement, between Colliers, Jay S. Hennick and Jayset Management CIG Inc., a corporation controlled by Mr. Hennick. The Transaction has also established a timeline for the orderly elimination of Colliers’ dual class voting structure by no later than September 1, 2028.
Colliers and Mr. Hennick have entered into a new five-year management services agreement, with mutual one-year renewal options thereafter (the "New MSA") pursuant to which Mr. Hennick will continue to provide services to Colliers as, at his option, the Chief Executive Officer and/or Executive Chairman. The New MSA is substantially similar to the current MSA, except that there is no entitlement to a long-term incentive arrangement, stock options or other equity-linked compensation.
Mr. Hennick continues as the Chairman and Chief Executive Officer of the Company and has control and direction over a total of 5,005,369 Subordinate Voting Shares and 1,325,694 Multiple Voting Shares, which in the aggregate represent
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 67 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost
COMPANY CONTACTS:
Peter F. Cohen
Lead Director
Christian Mayer
Chief Financial Officer
(416) 960-9500
FAQ
What is the significance of Colliers' new Management Services Agreement with Jay S. Hennick?
When is Colliers International planning to eliminate its dual-class voting structure?
What percentage of shares does Jay S. Hennick control in Colliers International?
What are Colliers International's annual revenues?
