Brett White, who received tens of millions in salary, bonus and stock grants while serving as CEO and executive chairman of Cushman & Wakefield for several years, would receive less than $500,000 this year as executive chairman.
White will earn annual compensation of $480,000 in his role as executive chairman of the board, according to an offer letter filed with the U.S. Securities and Exchange Commission and confirmed by Cushman & Wakefield. In the event he transitions to the role of non-executive chairman or a non-employee director, he would receive the same pay as other directors that would be prorated based on the date of the move, according to the Dec. 19 offer letter.
"Currently, the program [for directors] provides for an annual cash retainer of $100,000 for service as a member of the Board and a pro-rated annual award of restricted stock units (“RSUs”) with a grant date value of $180,000," according to the offer letter.
White did not receive salary or an annual bonus while serving as Cushman & Wakefield's executive chairman in 2022 but did get $10.6 million in stock awards and other compensation, according to the firm's 2023 proxy statement. From 2017-2022, he received just over $100 million in salary, bonuses, stock awards and other compensation, according to the brokerage's proxy statements covering those years. The compensation White received last year is unknown; it will likely be revealed when the firm issues its 2024 proxy statement this spring.
A Cushman & Wakefield representive confirmed the compensation figures but did not immediately comment beyond the filings.
Brokerages have been moving to cut costs as real estate transactions and the fees they generate slow in the wake of the Federal Reserve's decision to hike interest rates to tame inflation. In October, Cushman reported a $33.9 million loss for the third quarter in part because of its accelerated efforts to refinance and pay down debt this year, as well as further declines in its revenue from real estate fees. The brokerage's real estate fee revenue declined 11% in the quarter compared to the year-earlier period, including a 33% drop in real estate sales and other capital markets activity and a 16% decline in leasing income.
White served as Cushman & Wakefield's CEO and executive chairman from 2015-2021. In January 2022, longtime Cushman & Wakefield President John Forrester of London replaced White as CEO when he transitioned to executive chairman. Forrester served as CEO for a year and a half and was succeeded by longtime executive Michelle MacKay on July 1.
Before joining Cushman, White had a 28-year career with CBRE, the largest commercial brokerage, including stints as CBRE's president from 2001 to 2005 and CEO from 2005 to 2012.