Cushman & Wakefield Ltd 8-K, filed Apr 17, 2020
Cushman & Wakefield Ltd. (CWK)
About this 8-K
Cushman & Wakefield Ltd filed this 8-K on April 17, 2020, reporting on events of April 16, 2020.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (date of earliest event reported):
(Exact name of registrant as specified in its charter)
| |
|
| ||
| (State or other jurisdiction of incorporation or organization) |
(Commission file number) |
(I.R.S. employer identification number) |
(Address of principal executive offices) (Zip Code)
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
| |
|
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 8.01 | Other Events. |
In light of the COVID-19 (corona-virus) pandemic, members of the global management team of Cushman & Wakefield plc (the “Company”) have elected to voluntarily forgo a portion of their unearned salaries until December 31, 2020 or such earlier time as determined by the Company’s Board of Directors. Effective as of April 20, 2020, Brett White, the Company’s CEO, will forgo 25% of his base salary and each of Duncan Palmer, the Company’s CFO, and Michelle MacKay, the Company’s COO, will forgo 20% of his or her base salary. Effective as of May 1, 2020, John Forrester, the Company’s President, will also forgo 20% of his salary. The Company will donate the forgone salaries of such executives to the Company’s new Global Employee Assistance Fund, which has been set up to provide financial assistance to the Company’s employees most impacted by the pandemic.
A copy of a press release discussing the foregoing is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
The following exhibits are filed as part of this report:
| Exhibit # |
Description | |||
| 99.1 |
||||
| 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: April 17, 2020
| CUSHMAN & WAKEFIELD PLC | ||
| By: |
/s/ Brett Soloway | |
| Name: |
Brett Soloway | |
| Title: |
Executive Vice President, General Counsel and Corporate Secretary | |
Exhibit 99.1
For Immediate Release
Cushman & Wakefield Launches Global Employee Assistance Fund
Chicago, April 17, 2020 – Cushman & Wakefield (NYSE: CWK) today announced the launch of a Global Employee Assistance Fund, part of a $5 million commitment to employee assistance programs for those impacted by the COVID-19 pandemic.
“We have a responsibility to care for our employees with the same level of dedication that they’re showing our clients right now,” said Brett White, Executive Chairman and Chief Executive Officer. “Thousands of our janitors, tradespeople and building managers leave the safety of their homes each day to ensure that essential buildings are clean, safe and operational during this pandemic,” White added.
The fund has two components to provide financial relief to employees:
| • | Immediate Relief Fund (IRF) – The IRF addresses an immediate need by quickly disbursing up to $250 to eligible impacted employees who submit a request. |
| • | Disaster and Hardship Fund (DHF) – The DHF is a larger payout for those more significantly impacted by the crisis. |
As part of this commitment to supporting front-line employees, members of Cushman & Wakefield’s global management team will voluntarily forgo a portion of their salaries. The company will donate the forgone salaries to the Global Employee Assistance Fund.
Effective April 20, 2020, CEO Brett White will forgo 25% of his base salary, CFO Duncan Palmer and COO Michelle MacKay will forgo 20% of their base salary, and effective May 1, 2020, President John Forrester will forgo 20% of his base salary until December 31, 2020 (or earlier time if determined by the Board of Directors). In addition, all of the firm’s 53,000 employees have been given the opportunity to make a charitable donation to the employee fund.
“Responding to the safety and financial relief of our employees during this pandemic puts into action the words that define the Cushman & Wakefield culture: We make an impact. This is an opportunity to exemplify our purpose, our values and our commitment to our people around the world,” said Michelle MacKay, Chief Operating Officer.
MEDIA CONTACT:
Grace Wilk
Corporate Communications
+1 312 470 1848
grace.wilk@cushwake.com
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.
-END-
MEDIA CONTACT:
Grace Wilk
Corporate Communications
+1 312 470 1848
grace.wilk@cushwake.com