The succession plan has been in the works for the past 12months. A company source tells GlobeSt.com that Bibby will beginworking out of the company's offices on the 25th floor of 1California St. sometime in the second half of the year. Bibby wasnot available Thursday afternoon for comment. His replacement aschief development officer is expected to be named this summer.

"After 32 years, Abelmann feels it is time to hand the role overto the next generation of leadership," the source says. "Thedecision [to promote Bibby] was based on Bibby's overallexperience, leadership qualities and property skills."

Jeremy Newsum, group CEO, says Abelmann's expertise andexperience have been invaluable to the company. "Bill leavesGrosvenor Americas in robust shape and well-equipped to weather thecurrent volatile market in the US and Canada," he says.