Brett White, who led Cushman & Wakefield through its debut as a public company and the early challenges of COVID-19, is leaving the commercial real estate brokerage as it revamps its board of directors.
White is retiring, with Blackstone real estate executive Steve Plavin to assume his role of non-executive chairman, Cushman & Wakefield announced Monday. The firm, led by CEO Michelle MacKay, also announced the appointment of two other directors to the board to fill vacancies.
The board is “undergoing a refreshment aligned with the company’s strategic pivot towards growth and innovation, which MacKay unveiled last year,” the company said in a statement.
“These appointments will deepen our global commercial real estate capabilities, enhance our connection between technology and commercial real estate, and improve our client and capital markets knowledge,” MacKay said in the statement. “These individuals have excelled at driving growth in their businesses, which is exactly what we intend to do.”
Now chairing the board will be Plavin, who is retiring at the end of July as European head of Blackstone Real Estate Debt Strategies, according to the statement.
Plavin previously served as CEO of real estate investment trust Blackstone Mortgage Trust.
White’s resignation is effective at the end of July, according to a Securities and Exchange Commission filing.
That will mark the end of an era, with White previously having served as CEO and chairman of the world’s third-largest brokerage. He was the company’s CEO and executive chairman from 2015 to 2021.
The changes come as real estate companies continue to navigate challenges that in recent years have included the aftermath of the global pandemic, rising borrowing and construction costs, a slowdown in property sales and, most recently, worries about the effects of U.S. tariffs on the industry.
Since taking over as CEO in 2023, MacKay has undertaken cost-cutting measures to offset slowdowns in property transactions. There have been positive signs as well, with the firm posting a 9% gain in leasing revenue in the first quarter of this year and turning a $28.8 million loss for the period a year ago into a $2 million profit for the first three months of 2025.
As part of the changes to its board, the Chicago-based brokerage also is adding Susan Daimler, who recently stepped down as Zillow’s president, and Timothy Wennes, former CEO and country head of Santander US, as directors.
Before joining Cushman & Wakefield, White was at CBRE for 28 years, including stints as president and CEO of the world’s largest brokerage.
White “has been instrumental in shaping the Cushman & Wakefield we see today,” MacKay said in the statement.
“His unwavering commitment to his vision for the company has left an indelible mark,” she added. “Brett navigated the company through its initial public offering, the challenges of the COVID pandemic, and spearheaded several strategic investments to drive growth and expansion. Leveraging his industry acumen and influence, he elevated the company to become a global leader in the advisory and services sector. We are profoundly grateful for his contributions.”
After receiving tens of millions in salary, bonus and stock grants in recent years, White received an annual compensation of $480,000 as executive chairman last year.
White will serve as a strategic consultant to Cushman & Wakefield through the end of February. He will be paid $5,000 per month during that time, with all outstanding equity awards not vested as of March 1 to be forfeited as of that date, according to the SEC filing.
He was succeeded as CEO by John Forrester in 2021, before MacKay took over as CEO in 2023.
“The skillset of these new directors is the perfect complement to the company’s positioning,” White said in the statement. “I have every confidence in Michelle and her team as they take the company through its next chapter of growth and innovation.”