Cushman & Wakefield Hires Neil Johnston as Chief Financial Officer

Rhea-AI Summary

Cushman & Wakefield (NYSE: CWK) has appointed Neil Johnston as Executive Vice President and Chief Financial Officer, effective February 2021. This transition follows the retirement announcement of current CFO Duncan Palmer in February 2020. Johnston brings over 30 years of finance experience, having previously served as CFO at Presidio and in various leadership roles at Cox Enterprises. Palmer will continue as a consultant through 2021. With this strategic appointment, the firm aims to build on its strong financial performance as a leader in the real estate services industry.

Positive

• Neil Johnston's extensive finance background may enhance strategic financial management.
• The planned transition suggests a focus on stability and continued growth.

Negative

• Duncan Palmer's retirement might introduce short-term uncertainty during the transition period.

Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, has appointed Neil Johnston as Executive Vice President (EVP) and Chief Financial Officer (CFO), effective in February.

Johnston’s hiring is part of a long-planned transition, as Duncan Palmer, currently CFO, announced his retirement in February 2020.

“After a very thorough search and transition planning process, we’re extremely pleased to welcome Neil to Cushman & Wakefield,” said Brett White, Cushman & Wakefield’s Executive Chairman & CEO. “I’m confident that, with his leadership, we will build on our strong track record of financial performance as a leader in our industry.”

A 30-year finance veteran with extensive executive leadership experience, Johnston most recently served as EVP and CFO of Presidio, a $3B IT solutions provider. Prior to his time at Presidio, Johnston spent 20 years in various finance leadership roles at Cox Enterprises, a privately held $20B global conglomerate, most recently as EVP and CFO of Cox Automotive, a $7B automotive services company. Prior to joining Cox, Johnston worked for Coca-Cola Enterprises and Deloitte.

Palmer, who has held the firm’s CFO position through a period of transformational growth, will continue with Cushman & Wakefield in a consulting role throughout 2021.

“I’m very proud of what we have accomplished during my tenure. I am confident in the transition process we’ve planned and in what lies ahead for Cushman & Wakefield,” said Palmer.

Johnston will begin as a consultant to Cushman & Wakefield from January 18, 2021 until he becomes CFO on February 28, 2021. He holds an MBA from The Wharton School of the University of Pennsylvania and degrees in accounting, finance and information systems from Georgia State University and the University of Cape Town, South Africa. He is a certified public accountant and a chartered accountant.

About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210105005883/en/

FAQ

What recent management change occurred at Cushman & Wakefield?

Cushman & Wakefield appointed Neil Johnston as CFO, effective February 2021, following Duncan Palmer's retirement announcement.

Who will succeed Duncan Palmer as CFO of CWK?

Neil Johnston will succeed Duncan Palmer as CFO starting in February 2021.

What experience does Neil Johnston bring to CWK?

Neil Johnston has over 30 years of finance experience, including roles as CFO at Presidio and Cox Automotive.

What role will Duncan Palmer have after retiring as CFO?

Duncan Palmer will remain with Cushman & Wakefield in a consulting capacity throughout 2021.

When does Neil Johnston officially start as CFO of CWK?

Neil Johnston will officially start as CFO on February 28, 2021.