CB Richard Ellis Group, Inc., a commercial real estate services firm headquartered in Los Angeles, announced Friday that is has promoted Gil Borok to CFO. He takes over the CFO responsibilities from Bob Sulentic, who will continue as president of the company.

Borok has been a key member of CB Richard Ellis’ corporate finance group for nearly eight years. He joined the company as corporate controller in 2002 and most recently served as its chief accounting officer and as the CFO of its Americas operations. In addition, he served as

interim CFO for three months in late 2008 and early 2009.

“I am pleased to welcome Gil back to the CFO role,” said Brett White, CEO of CB Richard Ellis. “He has intimate knowledge of our finances and a deep understanding of our business. Gil is well known and highly regarded by the Wall Street community and has earned the respect and confidence of our board of directors and senior management throughout the organization.”

The promotion of Borok will allow Sulentic to devote his full attention and focus on running the company’s day-to-day business operations. He has the responsibility for all of CB Richard Ellis’ real estate services operations and principal business activities worldwide, and the global human resources function also reports to him.

“For the past year, Bob has filled two crucial roles at a critical time and has contributed enormously to our success in navigating through the sharp market downturn,” White said. “As market conditions improve, I look forward to continue working closely with Bob as we drive the company to increased market share and strong sustainable growth.”