Brett White, who led Cushman & Wakefield as CEO through its initial public offering and the pandemic, is leaving the company.
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White will step down from his current position of nonexecutive chairman of the board July 31, Cushman disclosed in a regulatory filing. White served as executive chairman of Cushman & Wakefield from 2015 to May 2024. From 2015 to 2021, he was also the brokerage’s CEO.
“Brett has been instrumental in shaping the Cushman & Wakefield we see today,” Cushman CEO Michelle MacKay said in a statement. “Leveraging his industry acumen and influence, he elevated the company to become a global leader in the advisory and services sector. We are profoundly grateful for his contributions.”
White has been CEO of Discovery Land Co., a real estate development company and hospitality operator, since 2022.
In White’s place, Steve Plavin, who is retiring next month from his role as head of Europe for Blackstone Real Estate Debt Strategies, will become chairman of the board starting Oct. 1. Plavin was CEO of Blackstone Mortgage Trust from 2012 to 2021.
White will continue to be involved with Cushman as a strategic consultant and will be paid $5K per month for his services, according to the Securities and Exchange Commission filing. His consulting contract runs from Aug. 1 to Feb. 28.
During his time as CEO and executive chairman, White received tens of millions in salary, bonuses and stock grants. However, in 2024, he only received a salary, which totaled less than $500K, according to CoStar.
Prior to his time at Cushman, White spent 28 years at CBRE, serving as the brokerage's president from 2001 to 2005 and CEO from 2005 to 2012. He was also a member of CBRE’s board from 1998 to 2013.
In a press release announcing the move, Cushman called White's departure an “inflection point in the company’s journey.”
Susan Daimler, who recently stepped down as president of Zillow, and Timothy Wennes, the former CEO and country head of Santander US, will also join the Cushman board as independent directors.
The appointments come after the size of the board was increased to 10 directors on Thursday. Following the changes, Cushman’s board will be entirely independent, with the exception of MacKay.
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