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Cushman & Wakefield Executive Compensation (FY25)

CWK · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
Michelle MacKay
Latest say-on-pay support
=
May 14, 2026
Chief executive pay ratio
◇
To the median employee
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Data as of October 22, 2026Latest filing (8-K): May 14, 2026
12 filings cited on this page
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251 figures on this page: 244 cited to the filing that reported them, 7 calculated from figures it prints. See the citations

More on Cushman & Wakefield

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Michelle MacKay: $9,682,351 → $9,469,699 (2.2% lower)
CEO pay ratio: 161:1 → 157:1 (2.5% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Cushman & Wakefield's chief executive and what were they paid?
Michelle MacKay, Chief Executive Officer, received $9,469,699 in total compensation for fiscal 2025. MacKay's total moved 2.2% lower from the $9,682,351 reported for fiscal 2024.
What was Cushman & Wakefield's say-on-pay result?
The say-on-pay proposal drew 97.7% support at the meeting held May 14, 2026 for fiscal 2025.
Which companies are in Cushman & Wakefield's peer group?
Companies named in the disclosed peer group include BXP, Inc., CBRE Group, Inc., CGI Inc., Colliers International Group Inc. and Compass, Inc., among others. Companies named in the 2025 Peer include ABM Industries Incorporated and Stantec Inc.
What is Cushman & Wakefield's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 157:1, against median employee compensation of $60,408.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brett White
Former Executive Chairman
Departed during or after this year
——◇———◇◇
Michelle MacKay
Chief Executive Officer
◇—◇—◇—◇◇
Andrew McDonald
Global President & COO
◇—◇—◇—◇◇
Neil Johnston
EVP & CFO
◇—◇—◇—◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brett White
Executive Chairman
Departed during or after this year
——◇———◇◇
John Forrester
Former CEO
Departed during or after this year
◇—◇—◇—◇◇
Michelle MacKay
Chief Executive Officer
◇—◇—◇—◇◇
Andrew McDonald
Global President & COO
◇—◇—◇—◇◇
Neil Johnston
EVP & CFO
◇—◇—◇—◇◇
Noelle Perkins
EVP, General Counsel & Corporate Secretary
◇◇◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michelle MacKay
Chief Executive Officer
◇—◇—◇—◇◇
Brett White
Former Executive Chairman (and current non-Executive Chairman)
Departed during or after this year
◇—◇————◇
Andrew McDonald
Global President & Chief Operating Officer
◇—◇—◇—◇◇
Neil Johnston
Executive Vice President & Chief Financial Officer
◇—◇—◇—◇◇
Nathaniel Robinson
Executive Vice President, Chief Investment & Strategy Officer
◇—◇—◇—◇◇
Noelle Perkins
Executive Vice President, Chief Legal Officer & Secretary
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michelle MacKay
Chief Executive Officer
◇—◇—◇—◇◇
Andrew McDonald
Global President & Chief Operating Officer
◇—◇—◇—◇◇
Neil Johnston
Executive Vice President & Chief Financial Officer
◇—◇—◇—◇◇
Noelle Perkins
Executive Vice President, Chief Legal Officer & Secretary
◇—◇—◇—◇◇
Nathaniel Robinson
Executive Vice President, Chief Investment & Strategy Officer
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Andrew McDonaldPSU◇◇◇—◇—◇
Andrew McDonaldPSU◇◇◇◇◇—◇
Andrew McDonaldPSU◇◇◇—◇—◇
Michelle MacKayPSU◇◇◇—◇—◇
Michelle MacKayPSU◇◇◇◇◇—◇
Michelle MacKayPSU◇◇◇—◇—◇
Nathaniel RobinsonPSU◇◇◇◇◇—◇
Nathaniel RobinsonPSU◇◇◇—◇—◇
Neil JohnstonPSU◇◇◇—◇—◇
Neil JohnstonPSU◇◇◇◇◇—◇
Noelle PerkinsPSU◇◇◇◇◇—◇
Noelle PerkinsPSU◇◇◇—◇—◇
Fiscal 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Noelle PerkinsRSU◇◇——
Michelle MacKayRSU◇◇——
Nathaniel RobinsonRSU◇◇——
Neil JohnstonRSU◇◇——
Andrew McDonaldRSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Andrew McDonald
Global President & Chief Operating Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance cash amount◇
Michelle MacKay
Chief Executive Officer · Terms as described in the company’s compensation discussion · citing a 2025 filing
Severance cash amount◇
Neil Johnston
Executive Vice President & Chief Financial Officer
Non-compete period◇
Non-solicit period◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Brett White
◇◇———◇◇
Billie Williamson
◇◇————◇
Michelle Felman
◇◇————◇
Jodie McLean
◇◇————◇
Angela Sun
◇◇————◇
Jennifer McPeek
◇◇————◇
Rajesh Vennam
◇◇————◇
Stephen Plavin
Board chair
◇◇————◇
Timothy Wennes
◇◇————◇
Susan Daimler
◇◇————◇
Michelle MacKay served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board cash retainer◇
Board equity retainer◇
Board chair premium◇
Lead independent director premium◇
Audit committee chair◇
Audit committee member◇
Compensation committee chair◇
Compensation committee member◇
Nominating and governance chair◇
Nominating and governance member◇
Equity is delivered as restricted stock units.
Stock ownership guideline: 5x Annual Base Cash Retainer

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • BXP, Inc. BXP
  • CBRE Group, Inc. CBRE
  • CGI Inc. GIB
  • Colliers International Group Inc. CIGI
  • Compass, Inc. COMP
  • DXC Technology Company DXC
  • EMCOR Group, Inc. EME
  • Fluor Corporation FLR
  • Jacobs Solutions Inc. J
  • Jones Lang LaSalle Inc. JLL
  • KBR, Inc. KBR
  • ManpowerGroup Inc. MAN
  • Newmark Group, Inc. NMRK
  • Unisys Corporation UIS
  • Vornado Realty Trust VNO
2025 Peer
  • ABM Industries Incorporated ABM
  • Stantec Inc. STN
Additional disclosed peer group
  • AECOM ACM

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 14, 2026=◇◇◇
2024May 15, 2025=◇◇◇
2023May 16, 2024=◇◇◇
2022May 11, 2023=◇◇◇
2020May 6, 2021=◇◇◇
2019June 10, 2020=◇◇◇
2018June 6, 2019=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- Michelle MacKay (Chief Executive Officer), FY2025 total compensation $9,469,699 (base salary $1,243,269) [exec_comp, SEC accession 0001628369-26-000046, filed 2026-04-03]

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What this page does not include

Everything above is a fact Cushman & Wakefield disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Cushman & Wakefield sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
251 figures on this page: 244 cited to the filing that reported them, 7 calculated from figures it prints.
244 cited to the filing
7 calculated from the filing

Documents cited

  1. 0001628369-26-000071
    Proposal 4 - Approval of our 2026 Omnibus Share and Cash Incentive Plan” in the Company’s definitive proxy statement for the Annual Meeting (the “Proxy Statement”) filed with the Securities and Exchan
  2. 0001628369-26-000046
    2025 Director Compensation Table · 2025 Summary Compensation Table · CEO Pay Ratio · Director Compensation Program
  3. 0001193125-25-121683
  4. 0001628369-25-000012
    Compensation Discussion and Analysis · Executive Compensation Tables
  5. 0001193125-24-141747
  6. 0001308179-24-000456
    Executive Compensation Tables
  7. 0001193125-23-143495
  8. 0001308179-23-000574
    Summary Compensation Table
  9. 0001193125-21-155007
  10. 0001628369-21-000016
  11. 0001193125-20-166657
  12. 0001193125-19-169252
    Item 5.07 Submission of Matters to a Vote of Security Holders
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This page is free to cite. Attribution we ask for:
Velarion, “Cushman & Wakefield executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CWK (accessed 2026).
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The paid brief for Cushman & Wakefield

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
From $499 for the board report; $2,400 for both.
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12 filings cited on this page
Method: intel.velarion.ai/methodology
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Published by Velarion Company Intelligence
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Real Estate rankings

Chief executive pay — Real EstateCEO pay ratio — Real EstateSay-on-pay support — Real Estate

Peers Cushman & Wakefield discloses

The companies named in CWK's own disclosed peer group.

BXP, Inc.CBRE Group, Inc.CGI Inc.Compass, Inc.DXC Technology CompanyEMCOR Group, Inc.Fluor CorporationJacobs Solutions Inc.Jones Lang LaSalle Inc.KBR, Inc.ManpowerGroup Inc.Newmark Group, Inc.Unisys CorporationVornado Realty TrustABM Industries IncorporatedAECOM

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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