MacKay Named COO of Cushman & Wakefield
MacKay joined Cushman & Wakefield’s board of directors in 2018. She was most recently a senior advisor to iStar, a New York City-based investment REIT that finances, invests in and develops real estate and real estate related projects.
CHICAGO—Cushman & Wakefield has hired veteran finance executive Michelle M. MacKay to the newly created position of chief operating officer.
In connection with the appointment, MacKay will step down from her role on Cushman & Wakefield’s board of directors effective on April 6, 2020. MacKay will be directly involved in the formulation and execution of company strategy. In addition, she will oversee the functions of research, information technology, marketing, communications, human resources and legal operations, the brokerage firm stated.
MacKay joined Cushman & Wakefield’s board of directors in 2018. She was most recently a senior advisor to iStar, a New York City-based investment REIT that finances, invests in and develops real estate and real estate related projects. During her 15-year career at iStar, she served as executive vice president of investments, head of capital markets and was one of the key contributors to the growth of iStar from a $6-billion to a $16-billion corporation.
Prior to iStar, she served as an executive director in commercial real estate and a senior member of the commercial real estate investment committee at UBS. Previously, she held roles at Chase Bank and The Hartford Insurance Company’s investment arm HIMCO. MacKay holds an MBA from the University of Hartford and a Bachelor of Arts from the University of Connecticut.
“As we further refine our global operations to make our business more nimble and agile, Michelle brings to Cushman & Wakefield diversity of thought, with an emphasis on change and innovation,” says Brett White, executive chairman and CEO of Cushman & Wakefield.
Last week, C&W reported positive financial results for the full year and fourth quarter ended Dec. 31, 2019.
The brokerage firm reported revenue for the full year 2019 was $8.8 billion, up 6%. Fee revenue was $6.4 billion, up 8%. Full year net income was $0.2 million, an improvement of $186.0 million over 2018 with earnings per share of $0.00 and Adjusted earnings per share of $1.64.
Full year adjusted EBITDA was $724.4 million, up 10%. Revenue for the fourth quarter of 2019 was $2.6 billion, up 9% from the fourth quarter of 2018. Fee revenue was $1.9 billion, up 9%. Net income for the fourth quarter of 2019 was $3.1 million, an improvement of $21.1 million over the fourth quarter of 2018 with earnings per share of $0.01.