Newmark Group announced on February 18, 2025, that Howard W. Lutnick, Executive Chairman, has been confirmed by the United States Senate as the 41st Secretary of Commerce. As a result, Lutnick has stepped down as Chairman of the Board and from his executive positions at Newmark.
Lutnick, who led Newmark's growth from $230 million to nearly $2.8 billion in revenues and a $3.7 billion market capitalization, will divest his interests in Newmark to comply with U.S. government ethics rules. He will not sell shares on the open market.
This marks a significant leadership transition for Newmark, though it was a planned succession. The company acknowledged Lutnick's instrumental role in its transformation into a global leader and expressed confidence in the existing management team to continue its success.
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