Lutnick Divestment Signals Leadership Shift at Newmark

A $127M Exit

According to Bisnow, Newmark is paying $127M to buy back shares from Commerce Secretary Howard Lutnick. The deal involves nearly 11M shares. It completes Lutnick’s promise to exit his business interests within 90 days of confirmation, finalizing the Lutnick divestment process.

Strategic Buyback

CFO Michael Rispoli said the move allows the firm to buy shares at a good price. The purchase is part of Newmark’s ongoing stock repurchase plan. The program still has $245M in available funds. Newmark’s stock price stayed flat after the announcement, despite the high-profile Lutnick divestment making headlines.

Leadership Changes

Following Lutnick’s departure, longtime Newmark executive Barry Gosin has taken over as chairman of the operating company, while Stephen Merkel, the firm’s EVP and Chief Legal Officer, now serves as chairman of the board.

Family Succession at Cantor Fitzgerald

Lutnick is also handing over Cantor Fitzgerald to his children as part of the broader Lutnick divestment strategy. Kyle Lutnick and other adult children will also have roles. Two new investors are buying minority stakes. They are 26North, led by Josh Harris, and Glenn August of Oak Hill Advisors. The investment size was not disclosed.

Why It Matters

Lutnick’s divestment removes conflict-of-interest concerns. It also brings new leadership to two major firms. The changes come at a time of economic caution despite Newmark’s strong Q1 performance, the Lutnick divestment underscores a shift in the firm’s long-term structure.

What’s Next?

Newmark and Cantor Fitzgerald now move forward under new leaders. Market conditions remain uncertain due to trade tensions and broader macroeconomic risks.