Howard Lutnick, the executive chairman of Newmark and the holder of the largest share of its common stock, intends to leave his position atop the brokerage and sell his shares if he is confirmed as the next secretary of commerce.
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Lutnick, whose nomination was announced Tuesday, is chairman and CEO of financial services firm Cantor Fitzerald and financial technology firm BGC Group. He plans to step down from positions at all three firms following his Senate confirmation hearing, according to a regulatory filing.
“I am deeply honored to have been nominated by President Donald J. Trump to serve as the 41st U.S. Secretary of Commerce,” Lutnick said in a statement Thursday. “I look forward to this new chapter in my life, working for President Trump to promote economic growth, drive innovation, and strengthen our nation’s financial security.”
Lutnick will divest his interests in Newmark, BCG and Cantor Fitzgerald to comply with the government’s ethics rules, but he doesn't intend to sell shares on the open market, he said in his statement.
He owns roughly 30.5%, more than 62 million shares, of Newmark’s Class A common stock, according to a Thursday filing with the Securities and Exchange Commission. The value of those shares, as of noon Friday, was roughly $943M.
Lutnick doesn't expect his departure from Newmark to affect the company’s operations, he said. A Newmark spokesperson declined to comment further, but the company said in the release that it doesn't expect any further changes to its corporate structure.
“I have full confidence in the leadership of Barry Gosin, Newmark’s Chief Executive Officer, and our exceptional management team to continue to drive the success of the company, upholding the best interests of Newmark’s clients, investors, and employees,” Lutnick said.
If confirmed, his role as head of the Commerce Department will give Lutnick power over President-elect Donald Trump’s planned tariffs and his trade agenda. Lutnick will also oversee the Office of the United States Trade Representative, according to a press release from the Trump-Vance transition team.
Lutnick’s nomination also follows his donations totaling more than $400K to Trump's presidential campaign and affiliated committees, as well as a $6M donation to MAGA Inc., NBC News previously reported.
He served as co-chair of Trump's transition team and spoke at rallies before the election, including introducing Elon Musk at a campaign rally in New York City’s Madison Square Garden.
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