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NEW YORK - Cushman & Wakefield (NYSE: CWK) announced Monday that Brett White will retire from its Board of Directors after more than a decade of service to the commercial real estate firm.
Steve Plavin, who is retiring as Head of Europe for Blackstone Real Estate Debt Strategies, will become the company's Non-Executive Chairman effective October 1, 2025. Plavin brings 40 years of commercial real estate experience, including previous roles as CEO of Blackstone Mortgage Trust (NYSE: BXMT) and Capital Trust. Under his leadership at BXMT, the company maintained a 14-year consecutive dividend payment track record and currently offers a ~10% dividend yield. According to InvestingPro, analysts expect BXMT's sales to grow this year, with the company projected to return to profitability.
The company also appointed two new independent directors. Susan Daimler, former President of Zillow (NASDAQ: Z), will join the board effective August 1, 2025. Timothy Wennes, former CEO and Country Head of Santander US, will also join as an independent director on the same date.
According to Michelle MacKay, Chief Executive Officer of Cushman & Wakefield, White "navigated the company through its initial public offering, the challenges of the COVID pandemic, and spearheaded several strategic investments to drive growth and expansion." White will continue as a strategic consultant to the company through February 28, 2026.
With these appointments, Cushman & Wakefield's Board will be fully independent except for MacKay. The board changes align with the company's strategic focus on growth and innovation that MacKay introduced late last year.
"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 a press release statement.
Cushman & Wakefield is a global commercial real estate services firm with approximately 52,000 employees across nearly 400 offices in 60 countries.
In other recent news, Blackstone Mortgage Trust reported first-quarter 2025 earnings that exceeded analyst expectations, with earnings per share (EPS) of $0.42 compared to the forecasted $0.32. The company's revenue also surpassed projections, reaching $126.95 million against an expected $105.36 million. Blackstone Mortgage Trust declared a quarterly dividend of $0.47 per share for the second quarter of 2025, payable on July 15 to stockholders of record as of June 30. The company announced $1.6 billion in new loan originations during the first quarter, marking its most active quarter since 2022, and has an additional $2 billion in loans closing as of April 30. Citizens JMP reiterated its Market Perform rating on Blackstone Mortgage Trust, noting the company's shares trade at 0.90 times book value, above the median for its peer group. The firm views the shares as fairly valued, highlighting the company's shift back to an offensive lending strategy. Despite positive earnings results, Blackstone Mortgage Trust's stock saw a decline, reflecting investor concerns. The company continues to focus on resolving impaired loans and expanding its portfolio in resilient sectors like multifamily and industrial properties.
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