Jones Lang LaSalle named Paul Morgan its Chief Operating Officer and gave him a seat on the Global Executive Board, reporting to CEO Christian Ulbrich, a brand-new position built to fold operational expertise spread across the firm into a single global team. Morgan joined JLL in 2016 after 18 years at Johnson Controls, then ran Workplace Management globally, a business spanning more than 53,000 people in 80 countries, and later served as COO of Real Estate Management Services. The appointment follows a second quarter, reported on July 30, in which revenue rose 11% to $6.9 billion, adjusted EBITDA climbed 32% to $386.3 million, and adjusted EPS rose 59% to $5.26, while net leverage fell to 0.7 times on June 30 from 1.2 times a year earlier and the company spent $410 million on buybacks in the first half. Management also raised its full-year adjusted EPS target range, implying 34% growth at the midpoint, though Investment Management revenue was roughly flat at $102.4 million, assets under management held at $86.8 billion, and Project Management growth cooled to 3% after a 22% jump a year earlier. The company put no number on the savings or speed the new operations function should deliver.
Jones Lang LaSalle IncorporatedJLL named Paul Morgan COO and to its Global Executive Board, a new operations role, following strong Q2 results with revenue up 11% and raised EPS guidance.
Johnson Controls International PLC