Real Estate
Cushman & Wakefield Executive Compensation (FY25)
CWK · Executive and director compensation, fiscal 2022 to 2025
Data as of September 7, 2026Latest filing (8-K): May 14, 2026
202 figures on this page: 195 cited to the filing that reported them, 7 calculated from figures it prints. See the citations
Michelle MacKay, Chief Executive Officer, received $9,469,699 in total compensation for fiscal 2025, and MacKay's total moved 2.2% lower from the $9,682,351 reported for fiscal 2024. For fiscal 2025, the company reported a chief executive pay ratio of 157:1, against median employee compensation of $60,408. The say-on-pay proposal drew 97.7% support at the meeting held May 14, 2026 for fiscal 2025. Companies named in the disclosed peer group include BXP, Inc., CBRE Group, Inc., CGI Inc., Colliers International Group Inc. and Compass, Inc., among others.
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
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
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
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Brett White Former Executive Chairman Departed during or after this year | — | — | ◇ | — | — | — | ◇ | ◇ |
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 | ◇ | ◇ | ◇ | — | ◇ | — | ◇ | ◇ |
Fiscal 2024
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
Michelle MacKay Chief Executive Officer | ◇ | — | ◇ | — | ◇ | — | ◇ | ◇ |
Brett White Former 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
| Officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|---|
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
| Officer | Award | Grant date | Threshold units | Target units | Units granted | Maximum units | Exercise price | Grant date fair value |
|---|---|---|---|---|---|---|---|---|
| Andrew McDonald | PRSU | — | — | — | — | — | — | ◇ |
| JOHNSTON | PSU | ◇ | — withheld | ◇ | — | ◇ | — | ◇ |
| JOHNSTON | PSU | ◇ | — withheld | ◇ | — | ◇ | — | ◇ |
| MCDONALD | PSU | ◇ | — withheld | ◇ | — | ◇ | — | ◇ |
| MCDONALD | PSU | ◇ | — withheld | ◇ | — | ◇ | — | ◇ |
| Michelle MacKay | PRSU | — | — | — | — | — | — | ◇ |
| Nathaniel Robinson | PRSU | — | — | — | — | — | — | ◇ |
| Neil Johnston | PRSU | — | — | — | — | — | — | ◇ |
| Noelle Perkins | PRSU | — | — | — | — | — | — | ◇ |
| PERKINS | PSU | ◇ | — withheld | — withheld | — | ◇ | — | ◇ |
Fiscal 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
| Officer | Award | Unvested units | Market value of unvested units | Exercise price | Expires |
|---|---|---|---|---|---|
| Noelle Perkins | RSU | ◇ | ◇ | — | — |
| Michelle MacKay | RSU | ◇ | ◇ | — | — |
| Nathaniel Robinson | RSU | ◇ | ◇ | — | — |
| Neil Johnston | RSU | ◇ | ◇ | — | — |
| Andrew McDonald | RSU | ◇ | ◇ | — | — |
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.
Director compensation
What each non-employee director was paid.
Fiscal 2025
| Director | Fees earned in cash | Stock awards | Option awards | Non-equity incentive | Pension and deferred earnings | All other compensation | Total |
|---|---|---|---|---|---|---|---|
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 | ◇ |
| Total board 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.
| Year | Meeting | Support | Votes for | Votes against | Abstentions |
|---|---|---|---|---|---|
| 2025 | May 14, 2026 | = | ◇ | ◇ | ◇ |
| 2024 | May 15, 2025 | = | ◇ | ◇ | ◇ |
| 2023 | May 16, 2024 | = | ◇ | ◇ | ◇ |
| 2022 | May 11, 2023 | = | ◇ | ◇ | ◇ |
| 2020 | May 6, 2021 | = | ◇ | ◇ | ◇ |
| 2019 | June 10, 2020 | = | ◇ | ◇ | ◇ |
| 2018 | June 6, 2019 | = | ◇ | ◇ | ◇ |
Chief executive pay ratio
As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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 — $1,500Written 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 — $1,500Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200Realizable 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.
Velarion IntelligenceAdviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
Enquire about accessMultiple companies at once
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Velarion IntelligenceCitations
Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
202 figures on this page: 195 cited to the filing that reported them, 7 calculated from figures it prints.
195 cited to the filing
7 calculated from the filing
Documents cited
- 0001628369-26-000071
- 0001628369-26-0000462025 Director Compensation Table · 2025 Summary Compensation Table · CEO Pay Ratio · Director Compensation Program · and 2 more sections
- 0001628369-25-0000122024 Summary Compensation Table
- 0001193125-25-121683
- 0001193125-24-141747
- 0001308179-24-000456Summary Compensation Table
- 0001193125-23-143495
- 0001308179-23-000574Summary Compensation Table
- 0001193125-21-155007
- 0001193125-20-166657
- 0001193125-19-169252Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
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).
Short form: data: Velarion
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Real Estate rankings
Peers Cushman & Wakefield discloses
The companies named in CWK's own disclosed peer group.
Terms on this page
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}
}