- Brett White will step down as board chairman. Blackstone executive Steve Plavin will take over the role.
- The board reshuffle supports CEO Michelle MacKay’s strategy to focus on growth, innovation, and capital markets.
- The leadership shift comes as the brokerage navigates industry-wide challenges and seeks to strengthen its competitive edge.
An Era Ends
CoStar reports that as part of the board overhaul, Brett White is retiring from Cushman & Wakefield’s board at the end of July. He led the firm through its IPO and the pandemic, later serving as chairman. White will remain as a strategic consultant through February 2026. After that, all unvested equity awards will be forfeited.
New Leadership at the Helm
Steve Plavin, a retiring Blackstone executive, will replace White as non-executive chairman. Plavin most recently led Blackstone Real Estate Debt Strategies in Europe. He also served as CEO of Blackstone Mortgage Trust.
As part of its board overhaul, Cushman is adding two new members: Susan Daimler, former president of Zillow, and Timothy Wennes, former CEO of Santander US. Their appointments fill existing vacancies and bring fresh expertise to the boardroom.
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A Strategic Pivot
Since becoming CEO in 2023, Michelle MacKay has pushed for operational efficiency and strategic growth. To support this, the board refresh aims to deepen expertise in tech, real estate, and capital markets.
“These individuals have driven growth in their industries,” said MacKay. “That’s exactly what we plan to do.”
Looking Ahead
The changes come amid ongoing industry pressures. These include high borrowing costs, slower deal activity, and post-pandemic recovery. However, Cushman posted a $2M profit in Q1 2025, reversing a $28.8M loss from a year earlier.
Why It Matters
This leadership transition signals a generational shift at one of the world’s largest brokerages. With fresh board talent and a clearer focus, Cushman & Wakefield is positioning itself for long-term growth and adaptability in a changing real estate market.
