JLL is moving Karen Brennan from chief financial officer to lead its global leasing advisory group, one of the commercial real estate services company's largest and fastest-growing business units.
Brennan, a 25-year veteran, will take the role of CEO of global leasing advisory on July 1, the Chicago-based firm said Wednesday. JLL said it promoted Kelly Howe, the current chief financial officer of global leasing advisory, to succeed Brennan as its companywide CFO.
Revenue from global leasing advisory at JLL, the world's second-biggest provider of commercial property services, increased 13% to $586.1 million in the first quarter compared to the same time a year earlier.
The move further rounds out Brennan's years of experience, a background that not only includes time in the corporate suite but years running a unit focused on international business. Now she takes the helm of a unit fueling the company's financial results as JLL said in a statement that leasing revenue grew "across asset classes, led by growth in office together with accelerated momentum from industrial." The firm said it had notable leasing revenue growth in the United States, Canada, China and Germany.
Leasing helped fuel JLL's profit growth in the final three months of 2024, especially a rebound in office leasing. When JLL reported fourth-quarter earnings in February, before the U.S. began increasing tariffs on other countries, JLL predicted that leasing would continue to drive revenue growth.
"Globally, office leasing was at its highest level since 2019," Brennan said during a Feb. 19 conference call to discuss earnings. "It's still below the 2019 levels, but that's quite encouraging as we think about all that's transpired since 2020. We are optimistic for a continued pickup in transaction activity, though the pace may be uneven and nuanced across geographies."
Experience in Europe
Brennan, 47, has served as CFO since 2020 after spending 21 years in JLL's real estate investment management subsidiary. Her stint in JLL's investment management unit included tenure as CEO of LaSalle Europe, where she oversaw $22 billion in assets under management.
When Brennan was named chief financial officer, it marked the third time in less than two years that JLL named a new CFO. Brennan replaced Stephanie Plaines as chief financial officer.
"Throughout Karen's more-than-25-year tenure at JLL she has taken on numerous leadership roles across the business globally and exemplified strategic vision, excellence in execution and dedication to our clients," CEO Christian Ulbrich said in a statement. "This appointment recognizes the contributions Karen has made to JLL's success and our confidence in her ability to drive continued value for the stakeholders we serve."
JLL hired Howe in January 2024 from Boston Consulting Group, where she served as CFO for North America. Howe, 53, will join JLL's global executive board as part of her promotion, the company said.
Andy Poppink, current CEO of global leasing advisory, will become CEO of leasing advisory for the Europe, Middle East, Africa and Asia-Pacific regions. Based in Zurich, Poppink will report to Brennan and leave JLL's global executive board.
Howe will receive an annual salary of $600,000, and her participation in JLL's global executive board will make her eligible for a $1 million annual target award, prorated at 50% for 2025, according to a Wednesday regulatory filing. She will also participate in a long-term incentive plan with a $1.5 million target award delivered in performance-stock units and restricted-stock units. She will also receive a one-time, $675,000 grant of restricted-stock units in September.
JLL did not provide updated information on Brennan's compensation in its Wednesday announcement. She received total 2024 compensation of $5.49 million, including a $600,000 salary, $2.36 million in stock awards and $2.51 million in non-equity incentive plan compensation, according to a proxy statement.
In January, JLL completed a reorganization of its business lines, renaming its Markets Advisory segment as Leasing Advisory. In its first-quarter earnings report, Leasing Advisory's $586.1 million in revenue made it the largest segment within the entire Real Estate Management Services category.