Newmark Group announced on November 21, 2024, that its Executive Chairman, Howard W. Lutnick, has been nominated by President Donald J. Trump to serve as the 41st U.S. Secretary of Commerce. Upon U.S. Senate confirmation, Lutnick plans to step down from his positions at Cantor, BGC, and Newmark.
Lutnick intends to divest his interests in these companies to comply with U.S. government ethics rules, with no expectation of selling shares on the open market. He expressed full confidence in CEO Barry Gosin and the management team to continue driving the company's success.
This significant leadership transition is a planned event, with Newmark expecting no changes to its existing corporate structure. The company will disclose further details at a later date, ensuring a smooth transition for clients, investors, and employees.
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