Howard Lutnick Confirmed as 41st United States Secretary of Commerce; Steps Down from Newmark Board and Executive Officer Position
Howard W. Lutnick, Executive Chairman of Newmark Group (NMRK), has been confirmed as the 41st U.S. Secretary of Commerce and has stepped down from his positions at the company. Under his leadership since acquiring Newmark in 2011 for $100 million, the company's revenues grew from $230 million to nearly $2.8 billion, achieving a $3.7 billion market capitalization.
Lutnick was instrumental in facilitating over 55 acquisitions and recruiting hundreds of leading industry professionals. He has agreed to divest his interests in Newmark to comply with government ethics rules, without any arrangement involving open market share sales.
Prior to Newmark, Lutnick served at Cantor Fitzgerald since 1983, becoming President and CEO in 1991 and Chairman in 1996. Following the 9/11 attacks, where Cantor Fitzgerald lost 658 employees, he established the Cantor Fitzgerald Relief Fund, which donated $180 million to victims' families.
Howard W. Lutnick, Presidente Esecutivo del Newmark Group (NMRK), è stato confermato come 41° Segretario al Commercio degli Stati Uniti e ha lasciato le sue posizioni all'interno dell'azienda. Sotto la sua guida, dopo aver acquisito Newmark nel 2011 per 100 milioni di dollari, i ricavi dell'azienda sono cresciuti da 230 milioni a quasi 2,8 miliardi di dollari, raggiungendo una capitalizzazione di mercato di 3,7 miliardi di dollari.
Lutnick è stato fondamentale nel facilitare oltre 55 acquisizioni e nel reclutare centinaia di professionisti di spicco del settore. Ha accettato di disinvestire i suoi interessi in Newmark per conformarsi alle norme etiche del governo, senza alcun accordo che preveda la vendita di azioni sul mercato aperto.
Prima di Newmark, Lutnick ha lavorato presso Cantor Fitzgerald dal 1983, diventando Presidente e CEO nel 1991 e Presidente nel 1996. Dopo gli attacchi dell'11 settembre, in cui Cantor Fitzgerald ha perso 658 dipendenti, ha istituito il Cantor Fitzgerald Relief Fund, che ha donato 180 milioni di dollari alle famiglie delle vittime.
Howard W. Lutnick, Presidente Ejecutivo del Newmark Group (NMRK), ha sido confirmado como el 41° Secretario de Comercio de EE. UU. y ha renunciado a sus cargos en la empresa. Bajo su liderazgo, tras adquirir Newmark en 2011 por 100 millones de dólares, los ingresos de la compañía crecieron de 230 millones a casi 2.8 mil millones de dólares, logrando una capitalización de mercado de 3.7 mil millones de dólares.
Lutnick fue fundamental en la facilitación de más de 55 adquisiciones y en la contratación de cientos de profesionales líderes en la industria. Ha acordado desinvertir sus intereses en Newmark para cumplir con las normas éticas del gobierno, sin ningún acuerdo que involucre ventas de acciones en el mercado abierto.
Antes de Newmark, Lutnick trabajó en Cantor Fitzgerald desde 1983, convirtiéndose en Presidente y CEO en 1991 y Presidente en 1996. Tras los ataques del 11 de septiembre, donde Cantor Fitzgerald perdió a 658 empleados, estableció el Cantor Fitzgerald Relief Fund, que donó 180 millones de dólares a las familias de las víctimas.
하워드 W. 루트닉, 뉴마크 그룹 (NMRK)의 회장,은 미국 상무부 제41대 장관으로 임명되었으며 회사의 직책에서 물러났습니다. 2011년 1억 달러에 뉴마크를 인수한 이후 그의 리더십 아래 회사의 수익은 2억 3천만 달러에서 거의 28억 달러로 성장하였으며, 37억 달러의 시장 가치를 달성했습니다.
루트닉은 55건 이상의 인수합병을 촉진하고 수백 명의 산업 전문가를 모집하는 데 중요한 역할을 했습니다. 그는 정부 윤리 규정을 준수하기 위해 뉴마크에 대한 자신의 이해관계를 매각하기로 동의했으며, 공개 시장 주식 판매와 관련된 어떠한 합의도 하지 않았습니다.
뉴마크 이전에 루트닉은 1983년부터 캔토르 피츠제럴드에서 근무했으며, 1991년에는 사장 겸 CEO, 1996년에는 회장이 되었습니다. 9/11 테러 이후 캔토르 피츠제럴드는 658명의 직원을 잃었고, 그는 피해자 가족을 위해 1억 8천만 달러를 기부한 캔토르 피츠제럴드 구호 기금을 설립했습니다.
Howard W. Lutnick, Président Exécutif du Newmark Group (NMRK), a été confirmé en tant que 41e Secrétaire au Commerce des États-Unis et a démissionné de ses fonctions au sein de l'entreprise. Sous sa direction, après avoir acquis Newmark en 2011 pour 100 millions de dollars, les revenus de l'entreprise sont passés de 230 millions à près de 2,8 milliards de dollars, atteignant une capitalisation boursière de 3,7 milliards de dollars.
Lutnick a joué un rôle clé dans la facilitation de plus de 55 acquisitions et le recrutement de centaines de professionnels de premier plan de l'industrie. Il a accepté de se départir de ses intérêts dans Newmark pour se conformer aux règles éthiques du gouvernement, sans aucun arrangement impliquant des ventes d'actions sur le marché ouvert.
Avant Newmark, Lutnick a travaillé chez Cantor Fitzgerald depuis 1983, devenant Président et CEO en 1991 et Président en 1996. Suite aux attaques du 11 septembre, où Cantor Fitzgerald a perdu 658 employés, il a créé le Cantor Fitzgerald Relief Fund, qui a fait don de 180 millions de dollars aux familles des victimes.
Howard W. Lutnick, Vorstandsvorsitzender der Newmark Group (NMRK), wurde als 41. US-Handelsminister bestätigt und hat seine Positionen im Unternehmen niedergelegt. Unter seiner Führung wuchsen die Einnahmen des Unternehmens seit der Übernahme von Newmark im Jahr 2011 für 100 Millionen Dollar von 230 Millionen auf fast 2,8 Milliarden Dollar und erreichten eine Marktkapitalisierung von 3,7 Milliarden Dollar.
Lutnick war maßgeblich an der Durchführung von über 55 Übernahmen und der Rekrutierung von Hunderten führender Branchenexperten beteiligt. Er hat zugestimmt, seine Interessen an Newmark abzustoßen, um den ethischen Richtlinien der Regierung zu entsprechen, ohne dass eine Vereinbarung über den Verkauf von Aktien auf dem offenen Markt getroffen wurde.
Vor Newmark war Lutnick seit 1983 bei Cantor Fitzgerald tätig, wo er 1991 Präsident und CEO und 1996 Vorsitzender wurde. Nach den Anschlägen vom 11. September, bei denen Cantor Fitzgerald 658 Mitarbeiter verlor, gründete er den Cantor Fitzgerald Relief Fund, der 180 Millionen Dollar an die Familien der Opfer spendete.
- Revenue growth from $230M to $2.8B under Lutnick's leadership
- Successful execution of over 55 acquisitions
- Market capitalization reached $3.7B
- Structured divestment plan avoiding open market share sales
- Loss of key executive leadership with Lutnick's departure
- Potential uncertainty during leadership transition
Insights
The transition of Howard Lutnick to Commerce Secretary marks a pivotal moment for Newmark, with implications extending beyond immediate leadership changes. Under his stewardship, Newmark achieved remarkable growth, expanding from a
The planned divestment structure, specifically avoiding open market sales, demonstrates sophisticated transition management to prevent market disruption. This approach is particularly important given Lutnick's substantial stake and the potential market impact of large-scale selling. The commitment to structured divestment suggests potential block trades or negotiated sales to institutional investors, which could actually create new strategic partnerships for Newmark.
Lutnick's legacy includes orchestrating 55 strategic acquisitions, establishing a proven framework for inorganic growth that remains part of Newmark's corporate DNA. This acquisition playbook, combined with the company's talent recruitment strategy, has created a self-sustaining growth engine that should continue functioning post-transition.
The seamless continuation of Barry Gosin as CEO provides operational stability, while the board restructuring offers an opportunity to introduce fresh perspectives while maintaining strategic continuity. The transformation from a
Mr. Lutnick, a visionary leader known for his sharp instincts and bold execution, recognized a pivotal moment to redefine the commercial real estate industry when interest rates were at historic lows following the Great Financial Crisis. Seizing the opportunity, he led BGC's acquisition of Newmark in 2011 for approximately
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"Not only has it been a privilege partnering with
Mr. Lutnick has agreed to divest his interests in Newmark to comply with
In separate releases, Newmark today announced additional Executive and Board changes. Please visit ir.nmrk.com.
BIOGRAPHY
Mr. Lutnick joined Cantor Fitzgerald in 1983 and rose rapidly through the ranks to be appointed President and CEO in 1991. Five years later he was named Chairman. On September 11, 2001, when terrorists attacked the World Trade Center, Cantor Fitzgerald lost 658 of its 960 New York-based employees, including Mr. Lutnick's brother Gary. In the days after the attack, he launched the Cantor Fitzgerald Relief Fund, which donated
Mr. Lutnick emerged from these events with an indomitable sense of purpose – to rebuild the firm to honor those lost and support the survivors and their families. In 2004, Cantor Fitzgerald spun out its wholesale brokerage business to create BGC Partners, L.P., which was renamed BGC Group, Inc. following the firm's corporate conversion in 2023. In 2011, he saw a unique opportunity to enter the commercial real estate services industry by acquiring Newmark & Company Real Estate, Inc. In 2017, he successfully took Newmark public and helped transform it into the leading commercial real estate services firm it is today.
Mr. Lutnick served on the Board of Directors of the National September 11 Memorial & Museum and Weill Cornell Medicine. He is a recipient of the Department of the Navy's Distinguished Public Service Award, the highest honor granted to non-military personnel by the Navy.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended December 31, 2024, Newmark generated revenues of nearly
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
1 The fully diluted market capitalization is as of February 14, 2024. Revenues are based on the unaudited full year 2011 results for Newmark & Company Real Estate, Inc., and the Company's total revenues for the twelve months ending December 31, 2024.
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SOURCE Newmark Group, Inc.
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