CWK · Cushman & Wakefield Ltd.

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$12.49 -0.60 (-4.58%) At close · Jul 22

Market Cap

$2.93B

Shares

234.30M

Named-executive compensation from the company's DEF 14A proxy statements — salary, bonus, stock and option awards, non-equity incentive, and the company-reported total per executive per fiscal year, exactly as disclosed in the Summary Compensation Table.

Fiscal 2025

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Michelle MacKay	CEO	$1,243,269	—	$5,687,408	—	$2,500,000	$39,022	$9,469,699
ANDREW MCDONALD	COO	$900,000	—	$3,168,139	—	$1,700,000	$12,250	$5,780,389
Neil Johnston	CFO	$647,692	—	$1,826,946	—	$975,616	$14,000	$3,464,254
NOELLE PERKINS	Executive Vice President, Chief Legal Officer & Secretary The amounts reported in the “Stock Awards” column represent the aggregate grant date fair value of the stock-based awards granted to the Named Executive Officers during the years presented, as computed in accordance with Topic 718. The “Stock Awards” column includes the value of time-vesting awards and performance-vesting awards. With respect to the PRSUs granted in 2025, the amounts listed in this column represent the fair value of the PRSUs at the grant date assuming the target level of performance conditions are achieved, which at the time of grant reflected the probable level of achievement. Assumptions made in the calculation of these amounts are set forth in Note 13 of the audited consolidated financial statements in our 2025 Annual Report. Assuming the maximum level of performance conditions are achieved, the amounts for this column would be 7,101,985, 2,357,310, 4,067,257, 1,010,818 and 1,589,375 for Ms. MacKay, Mr. Johnston, Mr. McDonald, Mr. Robinson and Ms. Perkins, respectively.The PRSUs granted in 2025 (referred to herein as the 2025 PRSU (Tranche A), the 2025 PRSU (Tranche B) and the 2025 PRSU (Tranche C), collectively) were comprised of three one-year performance periods with payouts based on an Adjusted EPS metric. These three years will be averaged and then such average will be subject to a +/-20% relative TSR modifier. The performance goals for each of the 2025 PRSU (Tranche B) and 2025 PRSU (Tranche C) were not established at the dates of grant in 2025 and, as a result, for accounting purposes, the 2025 PRSU (Tranche B) and 2025 PRSU (Tranche C) will not be considered granted until the respective performance goals are established. Accordingly, for the 2025 PRSUs, only the grant date fair value of the 2025 PRSU (Tranche A) is reported in the Stock Awards column for 2025. The grant date fair values of the 2025 PRSU (Tranche B) and the 2025 PRSU (Tranche C) will not be reported in the Stock Awards column until the performance goals are established and we report for 2026 and 2027, respectively. The grant date fair values of the 2025 PRSU (Tranche A) were determined using a Monte Carlo simulation based on the assumptions set forth in Note 13 of the audited consolidated financial statements in our 2025 Annual Report.The PRSUs granted in 2023 (referred to herein as the 2023 PRSU (Tranche A), the 2023 PRSU (Tranche B) and the 2023 PRSU (Tranche C), collectively) were comprised of three one-year performance periods with payouts based 50% on a target Adjusted Free Cash Flow metric and 50% on a target Strategic Cost Efficiency metric. These three years will be averaged for each performance metric, and then each will be subject to a +/-20% relative TSR modifier. The performance goals for each of the 2023 PRSU (Tranche B) and 2023 PRSU (Tranche C) were not established at the dates of grant in 2023 and, as a result, for accounting purposes, the 2023 PRSU (Tranche B) and 2023 PRSU (Tranche C) were not considered granted until the respective performance goals were established. The performance goals for the 2023 PRSU (Tranche C) were set in February 2025. Accordingly, the grant date fair value of the 2023 PRSU (Tranche C) is also reported in the Stock Awards column for 2025. The grant date fair values of the 2023 PRSU (Tranche C) were determined using a Monte Carlo simulation based on the assumptions set forth in Note 13 of the audited consolidated financial statements in our 2025 Annual Report. The amounts in this column represent cash bonus amounts earned pursuant to our AIP for the applicable year. The amounts in this column include the following categories of additional compensation for 2025: (a) for Ms. MacKay, 17,775 in financial planning and tax preparation services as detailed above under "Perquisites and Other Personal Benefits", 14,000 in 401(k) contributions by the Company and 7,247 for personal security services as detailed above under "Perquisites and Other Personal Benefits"; (b) for Mr. McDonald, 12,250 in 401(k) contributions by the Company; (c) for Mr. Johnston and Mr. Robinson, 401(k) contributions by the Company (14,000 each); and (d) for Ms. Perkins, 14,635 in financial planning services as detailed above under "Perquisites and Other Personal Benefits" and 14,000 in 401(k) contributions by the Company. The amounts reported in this column represent the aggregate incremental cost incurred by the Company in providing these benefits to the indicated Named Executed Officer.	$599,462	—	$1,118,836	—	$600,000	$28,635	$2,346,933
Nathaniel Robinson	Chief Investment Officer and EVP of Strategic Planning	$500,000	—	$800,088	—	$1,000,000	$14,000	$2,314,088

Fiscal 2024

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Michelle MacKay	CEO	$1,000,000	—	$6,151,551	—	$2,500,000	$30,800	$9,682,351
Brett White	Chairman	$307,616	—	$8,478,230	—	—	—	$8,785,846
ANDREW MCDONALD	COO	$900,000	—	$4,321,694	—	$1,700,000	$13,800	$6,935,494
Neil Johnston	CFO	$600,000	—	$2,483,629	—	$900,000	$13,800	$3,997,429
Nathaniel Robinson	Chief Investment Officer and EVP of Strategic Planning	$500,000	—	$1,103,137	—	$1,000,000	$13,800	$2,616,937
NOELLE PERKINS	Executive Vice President, Chief Legal Officer & Secretary The amounts reported in the “Stock Awards” column represent the aggregate grant date fair value of the stock-based awards granted to the Named Executive Officers during the years presented, as computed in accordance with Topic 718. The “Stock Awards” column includes the value of time-vesting awards and performance-vesting awards. With respect to the PRSUs granted in 2025, the amounts listed in this column represent the fair value of the PRSUs at the grant date assuming the target level of performance conditions are achieved, which at the time of grant reflected the probable level of achievement. Assumptions made in the calculation of these amounts are set forth in Note 13 of the audited consolidated financial statements in our 2025 Annual Report. Assuming the maximum level of performance conditions are achieved, the amounts for this column would be 7,101,985, 2,357,310, 4,067,257, 1,010,818 and 1,589,375 for Ms. MacKay, Mr. Johnston, Mr. McDonald, Mr. Robinson and Ms. Perkins, respectively.The PRSUs granted in 2025 (referred to herein as the 2025 PRSU (Tranche A), the 2025 PRSU (Tranche B) and the 2025 PRSU (Tranche C), collectively) were comprised of three one-year performance periods with payouts based on an Adjusted EPS metric. These three years will be averaged and then such average will be subject to a +/-20% relative TSR modifier. The performance goals for each of the 2025 PRSU (Tranche B) and 2025 PRSU (Tranche C) were not established at the dates of grant in 2025 and, as a result, for accounting purposes, the 2025 PRSU (Tranche B) and 2025 PRSU (Tranche C) will not be considered granted until the respective performance goals are established. Accordingly, for the 2025 PRSUs, only the grant date fair value of the 2025 PRSU (Tranche A) is reported in the Stock Awards column for 2025. The grant date fair values of the 2025 PRSU (Tranche B) and the 2025 PRSU (Tranche C) will not be reported in the Stock Awards column until the performance goals are established and we report for 2026 and 2027, respectively. The grant date fair values of the 2025 PRSU (Tranche A) were determined using a Monte Carlo simulation based on the assumptions set forth in Note 13 of the audited consolidated financial statements in our 2025 Annual Report.The PRSUs granted in 2023 (referred to herein as the 2023 PRSU (Tranche A), the 2023 PRSU (Tranche B) and the 2023 PRSU (Tranche C), collectively) were comprised of three one-year performance periods with payouts based 50% on a target Adjusted Free Cash Flow metric and 50% on a target Strategic Cost Efficiency metric. These three years will be averaged for each performance metric, and then each will be subject to a +/-20% relative TSR modifier. The performance goals for each of the 2023 PRSU (Tranche B) and 2023 PRSU (Tranche C) were not established at the dates of grant in 2023 and, as a result, for accounting purposes, the 2023 PRSU (Tranche B) and 2023 PRSU (Tranche C) were not considered granted until the respective performance goals were established. The performance goals for the 2023 PRSU (Tranche C) were set in February 2025. Accordingly, the grant date fair value of the 2023 PRSU (Tranche C) is also reported in the Stock Awards column for 2025. The grant date fair values of the 2023 PRSU (Tranche C) were determined using a Monte Carlo simulation based on the assumptions set forth in Note 13 of the audited consolidated financial statements in our 2025 Annual Report. The amounts in this column represent cash bonus amounts earned pursuant to our AIP for the applicable year. The amounts in this column include the following categories of additional compensation for 2025: (a) for Ms. MacKay, 17,775 in financial planning and tax preparation services as detailed above under "Perquisites and Other Personal Benefits", 14,000 in 401(k) contributions by the Company and 7,247 for personal security services as detailed above under "Perquisites and Other Personal Benefits"; (b) for Mr. McDonald, 12,250 in 401(k) contributions by the Company; (c) for Mr. Johnston and Mr. Robinson, 401(k) contributions by the Company (14,000 each); and (d) for Ms. Perkins, 14,635 in financial planning services as detailed above under "Perquisites and Other Personal Benefits" and 14,000 in 401(k) contributions by the Company. The amounts reported in this column represent the aggregate incremental cost incurred by the Company in providing these benefits to the indicated Named Executed Officer.	$580,000	—	$1,216,319	—	$522,000	$27,800	$2,346,119

Fiscal 2023

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Brett White	Chairman	—	—	$6,823,616	—	—	$33,350	$6,856,966
John Forrester	CEO	$837,606	—	$3,480,046	—	$947,426	$61,145	$5,326,223
Michelle MacKay	CEO	$870,192	—	$2,899,618	—	$890,750	$8,250	$4,668,810
ANDREW MCDONALD	COO	$796,154	—	$2,261,369	—	$687,150	$8,250	$3,752,923
Neil Johnston	CFO	$600,000	—	$1,501,205	—	$305,400	$8,250	$2,414,855
NOELLE PERKINS	Executive Vice President, Chief Legal Officer & Secretary The amounts reported in the “Stock Awards” column represent the aggregate grant date fair value of the stock-based awards granted to the Named Executive Officers during the years presented, as computed in accordance with Topic 718. The “Stock Awards” column includes the value of time-vesting awards and performance-vesting awards. With respect to the PRSUs granted in 2025, the amounts listed in this column represent the fair value of the PRSUs at the grant date assuming the target level of performance conditions are achieved, which at the time of grant reflected the probable level of achievement. Assumptions made in the calculation of these amounts are set forth in Note 13 of the audited consolidated financial statements in our 2025 Annual Report. Assuming the maximum level of performance conditions are achieved, the amounts for this column would be 7,101,985, 2,357,310, 4,067,257, 1,010,818 and 1,589,375 for Ms. MacKay, Mr. Johnston, Mr. McDonald, Mr. Robinson and Ms. Perkins, respectively.The PRSUs granted in 2025 (referred to herein as the 2025 PRSU (Tranche A), the 2025 PRSU (Tranche B) and the 2025 PRSU (Tranche C), collectively) were comprised of three one-year performance periods with payouts based on an Adjusted EPS metric. These three years will be averaged and then such average will be subject to a +/-20% relative TSR modifier. The performance goals for each of the 2025 PRSU (Tranche B) and 2025 PRSU (Tranche C) were not established at the dates of grant in 2025 and, as a result, for accounting purposes, the 2025 PRSU (Tranche B) and 2025 PRSU (Tranche C) will not be considered granted until the respective performance goals are established. Accordingly, for the 2025 PRSUs, only the grant date fair value of the 2025 PRSU (Tranche A) is reported in the Stock Awards column for 2025. The grant date fair values of the 2025 PRSU (Tranche B) and the 2025 PRSU (Tranche C) will not be reported in the Stock Awards column until the performance goals are established and we report for 2026 and 2027, respectively. The grant date fair values of the 2025 PRSU (Tranche A) were determined using a Monte Carlo simulation based on the assumptions set forth in Note 13 of the audited consolidated financial statements in our 2025 Annual Report.The PRSUs granted in 2023 (referred to herein as the 2023 PRSU (Tranche A), the 2023 PRSU (Tranche B) and the 2023 PRSU (Tranche C), collectively) were comprised of three one-year performance periods with payouts based 50% on a target Adjusted Free Cash Flow metric and 50% on a target Strategic Cost Efficiency metric. These three years will be averaged for each performance metric, and then each will be subject to a +/-20% relative TSR modifier. The performance goals for each of the 2023 PRSU (Tranche B) and 2023 PRSU (Tranche C) were not established at the dates of grant in 2023 and, as a result, for accounting purposes, the 2023 PRSU (Tranche B) and 2023 PRSU (Tranche C) were not considered granted until the respective performance goals were established. The performance goals for the 2023 PRSU (Tranche C) were set in February 2025. Accordingly, the grant date fair value of the 2023 PRSU (Tranche C) is also reported in the Stock Awards column for 2025. The grant date fair values of the 2023 PRSU (Tranche C) were determined using a Monte Carlo simulation based on the assumptions set forth in Note 13 of the audited consolidated financial statements in our 2025 Annual Report. The amounts in this column represent cash bonus amounts earned pursuant to our AIP for the applicable year. The amounts in this column include the following categories of additional compensation for 2025: (a) for Ms. MacKay, 17,775 in financial planning and tax preparation services as detailed above under "Perquisites and Other Personal Benefits", 14,000 in 401(k) contributions by the Company and 7,247 for personal security services as detailed above under "Perquisites and Other Personal Benefits"; (b) for Mr. McDonald, 12,250 in 401(k) contributions by the Company; (c) for Mr. Johnston and Mr. Robinson, 401(k) contributions by the Company (14,000 each); and (d) for Ms. Perkins, 14,635 in financial planning services as detailed above under "Perquisites and Other Personal Benefits" and 14,000 in 401(k) contributions by the Company. The amounts reported in this column represent the aggregate incremental cost incurred by the Company in providing these benefits to the indicated Named Executed Officer.	$278,846	$300,000	$1,002,139	—	$133,941	$4,462	$1,719,388

Fiscal 2022

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Brett White	Chairman	—	—	$10,572,376	—	—	$32,918	$10,605,294
John Forrester	CEO	$938,986	—	$5,603,359	—	$1,965,610	$79,672	$8,587,627
Michelle MacKay	CEO	$750,000	—	$3,224,565	—	$942,000	$7,625	$4,924,190
ANDREW MCDONALD	COO	$700,000	—	$2,960,277	—	$942,000	$7,625	$4,609,902
Neil Johnston	CFO	$600,000	—	$2,325,935	—	$565,200	$7,625	$3,498,760

Fiscal 2021

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Brett White	Chairman	$950,000	—	$15,000,003	—	$4,000,000	$40,489	$19,990,492
John Forrester	CEO	$635,541	—	$5,000,001	—	$2,460,159	$110,832	$8,206,533
Michelle MacKay	CEO	$600,000	—	$2,750,005	—	$1,800,000	$7,250	$5,157,255
Neil Johnston	CFO	$496,154	$250,000	$2,200,002	—	$1,200,000	$76,481	$4,222,637
Nathaniel Robinson	Chief Investment Officer and EVP of Strategic Planning	$400,000	—	$1,299,999	—	$1,600,000	$7,250	$3,307,249
Duncan Palmer	CFO	$103,846	—	—	—	$290,959	$1,876,389	$2,271,193

Fiscal 2020

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Brett White	Chairman	$876,923	$1,000,000	$7,113,074	—	—	$66,120	$9,056,117
John Forrester	CEO	$560,855	$592,000	$2,564,610	—	—	$99,763	$3,817,228
Michelle MacKay	COO	$408,077	$496,250	$2,471,539	—	—	$7,125	$3,382,991
Nathaniel Robinson	Chief Investment Officer and EVP of Strategic Planning	$387,692	$300,000	$512,914	—	—	$7,125	$1,207,731
Duncan Palmer	CFO	$567,692	$450,000	—	—	—	$7,125	$1,024,817

Fiscal 2019

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Brett White	CEO	$950,000	—	$6,150,409	—	$2,152,503	—	$9,252,912
John Forrester	CEO	$593,101	—	$2,600,279	—	$1,235,250	$80,078	$4,508,708
Duncan Palmer	CFO	$600,000	—	$2,600,279	—	$968,747	$7,000	$4,176,026
Brett Soloway	General Counsel	$495,479	—	$832,089	—	$387,375	—	$1,714,943
Nathaniel Robinson	Chief Investment Officer and EVP of Strategic Planning	$389,151	—	$520,052	—	$413,200	$7,000	$1,329,402

Fiscal 2018

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Brett White	CEO	$950,000	—	$45,131,905	—	$3,066,600	$91,455	$49,239,960

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