Cushman & Wakefield CEO John Forrester’s spend rose about 4.8% to just less than $8.6 million in his preliminary calendar year leading the 3rd-largest industrial genuine estate brokerage, a interval marked by economic turmoil that lessened industrywide transactions and income.
Forrester’s overall compensation final yr acquired a enhance from a 49% income boost from 2021 to just beneath $939,000, in accordance to the proxy assertion the agency submitted Thursday with the Securities and Trade Commission. Cushman has its headquarters in Chicago and lists London as the internet site of its principal executive workplaces.
The inventory awards for Forrester, a 36-year Cushman veteran, increased to $5.6 million from $5 million in 2021, based partly on what the firm known as Forrester’s “outstanding leadership resulting in extraordinary company general performance in 2021,” according to the proxy assertion.
Even so, executive Chairman Brett White, who stepped down as Cushman’s CEO at the finish of 2021, remained Cushman’s highest-paid out executive final yr. White obtained $10.6 million in inventory awards and other payment, the business reported.
White, who held twin roles as Cushman’s CEO and executive chairman from 2015 to 2021, did not obtain a base wage, yearly reward and certain other payments previous year soon after leaving the CEO purpose. That triggered his whole compensation to slide sharply from just less than $20 million in 2021, his very last 12 months in the chief executive’s business office.
Cushman and other big brokerages in February reported steep drops in cash markets cash flow and offer activity in the remaining three months of 2022. Increasing desire prices contributed to a lending crunch that has caused true estate income and bank loan originations to tumble sharply about the previous 6 months.
Also this week, CBRE, the world’s most significant business actual estate brokerage, disclosed in a proxy statement that CEO Bob Sulentic attained extra than $25.9 million in full compensation previous yr as element of a fork out package recognizing what the corporation referred to as its “solid fiscal effectiveness.”
The Cushman & Wakefield submitting also showed that Main Money Officer Neil Johnston’s overall payment declined to about $3.5 million final year from about $4.2 million the prior yr, though Johnston been given a income improve to $600,000 from $496,154 in 2021.
Cushman Main Working Officer Michelle MacKay’s total payment declined a little bit to $4.92 million from $5.15 million, but she also been given a base pay out raise to $750,000 from $600,000 the prior year, in accordance to the filing.
Cushman President Andrew McDonald obtained $4.6 million in full compensation, together with a base salary of $700,000 and stock awards totaling just underneath $3 million in his very first yr in Cushman’s C-suite.
Forrester, who beforehand served as Cushman’s world-wide president, replaced White as CEO last yr. He has maneuvered the agency as a result of much more turbulence as curiosity rates rose.
Cushman & Wakefield outlined its CEO succession designs in 2021, asserting that MacKay, who had served as chief running officer due to the fact 2020, would include world wide president to her title. McDonald, who served as main government of the Americas, was elevated to the position of world wide president in January 2022.