NEW YORK, April 28, 2020
NEW YORK, April 28, 2020 /PRNewswire/ -- Newmark Group, Inc. (NASDAQ: NMRK) ("Newmark" or "the Company") today announced certain pay reductions due to the impact of the SARS-CoV-2 pandemic ("COVID-19").
In response to the continuing macroeconomic impact of the pandemic, Newmark's executive officers have volunteered to reduce their base salaries. Chairman Howard W. Lutnick and Chief Executive Officer Barry M. Gosin will each reduce his annual base salary by 50%, while Chief Financial Officer Michael J. Rispoli, Chief Legal Officer Stephen M. Merkel, and any senior managers who are direct reports to Mr. Gosin will reduce their annual base salaries by 15%.
On April 27, 2020, the Compensation Committee of the Board of Directors (the "Board") agreed to these changes to executive officer compensation. In addition, the independent members of the Board volunteered to forego 15% of his or her annual cash retainer.
All the above compensation reductions are effective immediately and will remain in place until December 31, 2020. Additional information with respect to executive compensation will be available in the Company's forthcoming Form 10-K/A, which is expected to be filed shortly with the SEC. The Company anticipates giving further updates on the impacts of COVID-19 in its financial results press release for the first quarter of 2020 and on the subsequent investor call, as well is in its next SEC filing on Form 10-Q. As previously announced, Newmark expects to release these results before market open on May 7, 2020.
About Newmark Group, Inc.
Newmark Group, Inc. ("Newmark Group") is a publicly traded company that operates a full-service commercial real estate services business with a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry. Under the Newmark Knight Frank name, the investor/owner services and products of Newmark Group's subsidiaries include capital markets (comprised of investment sales and mortgage brokerage), agency leasing, property management, valuation and advisory, diligence and underwriting. Newmark Group's subsidiaries also offer government sponsored enterprise lending, loan servicing, debt and structured finance, and loan sales. Newmark Group's occupier services and products include tenant representation, global corporate services, real estate management technology systems, workplace and occupancy strategy, consulting, project management, lease administration and facilities management. Newmark Group enhances these services and products through innovative real estate technology solutions and data analytics designed to enable its clients to increase their efficiency and profits by optimizing their real estate portfolio.
Newmark Group has relationships with many of the world's largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. Newmark Group's Class A common stock trades on the NASDAQ Global Select Market under the ticker symbol "NMRK". Newmark is a trademark/service mark and/or registered trademark/service mark of Newmark Group and/or its affiliates. Knight Frank is a service mark of Knight Frank (Nominees) Limited. Find out more about Newmark at http://www.ngkf.com/, https://twitter.com/newmarkkf, https://www.linkedin.com/company/newmark-knight-frank/, and/or http://ir.ngkf.com/investors/investors-home/default.aspx.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.
Jason Harbes, CFA or Jason McGruder