After the U.S. Senate confirmed Howard Lutnick as commerce secretary Tuesday evening, Newmark named replacements for the two leadership roles he held with the commercial real estate firm.
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Barry Gosin, the longtime CEO of New York-based Newmark Group, was appointed as chairman of the operating company Newmark & Co. Real Estate. Newmark Executive Vice President and Chief Legal Officer Stephen Merkel has been named chairman of the firm's board, Newmark announced in separate releases Wednesday.
In one release, Lutnick called Gosin “an exceptional leader who is deeply respected and admired by employees and clients.”
“I have complete confidence in Barry's ability to lead the firm and drive Newmark’s continued global expansion,” Lutnick said.
Lutnick said Merkel has been one of his closest advisers for over three decades and called him “an outstanding leader who understands the core of our firm.”
“With his experience and dedication to the Company, I am confident in the success of the firm as I take on a new role serving the American people,” he said in the second release.
Gosin has served as CEO of Newmark Group since 1979. Merkel has been with Newmark since its 2011 acquisition by financial services firm Cantor Fitzgerald, which is now held by BGC Group.
Lutnick led BGC's move to acquire Newmark and oversaw its initial public offering in 2017.
Last month, Lutnick settled a lawsuit brought by Newmark’s shareholders, who disputed a $50M bonus he took as part of its IPO.
Lutnick, who was Newmark's largest shareholder, has divested from the company as federal government ethics rules require, Newmark said in its release. The brokerage said it doesn't expect any public sale of the shares.
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