David Hoffmann, founder of the Hoffmann Family of Companies, has stepped down as CEO of his privately held portfolio of businesses while promoting his sons, Geoff and Greg, to the roles of co-chief executive officers to continue the growth and vision of the family-owned firm.

“I am pleased to announce that, effective May 1, both of our sons have taken over complete operations of the Hoffmann Family of Companies as co-chief executive officers,” said David Hoffmann, 69, in a company statement released Monday afternoon. “I have thought for a long time about making these moves as my sons navigated and were the drivers of the growth of the company. Geoff has 20-plus years of experience and has an MBA from the University of Chicago and Greg has 14 years of experience with an MBA from Northwestern University. As we have been unofficially operating this way for the past few years, the transition has been seamless.”

Both Hoffmann sons have been drivers of the business, dramatically growing the company to $3 billion of assets through their roles in Hoffmann Commercial Real Estate, led by Greg Hoffmann as CEO; and DHR Global, led by Geoff Hoffmann as CEO of the firm, recently ranked one of the top places to work by Inc. Magazine.

Simultaneously, Hoffmann promoted Kevin Morrison to executive vice president of the Hoffmann Family of Companies. Morrison was controller and analyst of Chicago-based Osprey Capital Group, founded by David Hoffmann.

David Hoffmann and his wife, Jerri, will continue to serve as advisors and consult on projects that are “near and dear to their hearts,” including the Augusta, Missouri, development and Mackinac Island development in upper Michigan. The Hoffmanns’ diversified local acquisitions, which began shortly after they moved to Naples just seven years ago, now include the Hertz Arena, the Old Collier and Old Corkscrew golf clubs and more than 30 other businesses acquired in Southwest Florida.

Hoffmann’s $1.3 billion net worth was enough to rank him at 2,190 on Forbes worldwide list of billionaires this spring. His self-made fortune started with an executive search firm he created more than 30 years ago. The Hoffmanns have amassed more than 85 companies and brands with 200 real estate locations around the world.