Newmark Appoints Michael K. Kelleher as New CFO
Ticker: NMRK · Form: 8-K · Filed: Nov 21, 2024 · CIK: 1690680
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
Newmark just hired a new CFO, Michael K. Kelleher, starting Nov 20th. He's getting $450k base + bonus + $1.5M in stock.
AI Summary
Newmark Group, Inc. announced on November 21, 2024, the appointment of Michael K. Kelleher as Chief Financial Officer, effective November 20, 2024. Kelleher will receive an annual base salary of $450,000 and is eligible for a discretionary annual bonus. He will also be granted restricted stock units with a target value of $1,500,000, vesting over three years.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key executive positions like CFO can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $450,000 — CFO Annual Base Salary (New CFO Michael K. Kelleher's starting salary.)
- $1,500,000 — CFO Stock Grant Value (Target value of restricted stock units for the new CFO.)
Key Players & Entities
- Newmark Group, Inc. (company) — Registrant
- Michael K. Kelleher (person) — Appointed Chief Financial Officer
- $450,000 (dollar_amount) — Annual base salary for CFO
- $1,500,000 (dollar_amount) — Target value of restricted stock units for CFO
- November 21, 2024 (date) — Date of report
- November 20, 2024 (date) — Effective date of CFO appointment
FAQ
Who has been appointed as the new Chief Financial Officer of Newmark Group, Inc.?
Michael K. Kelleher has been appointed as the new Chief Financial Officer of Newmark Group, Inc.
When is Michael K. Kelleher's appointment as CFO effective?
Michael K. Kelleher's appointment as CFO is effective November 20, 2024.
What is the annual base salary for the new CFO?
The annual base salary for the new CFO, Michael K. Kelleher, is $450,000.
What is the target value of the restricted stock units granted to the new CFO?
The target value of the restricted stock units granted to the new CFO is $1,500,000.
Over what period will the new CFO's restricted stock units vest?
The restricted stock units granted to the new CFO will vest over three years.
Filing Stats: 720 words · 3 min read · ~2 pages · Grade level 10.1 · Accepted 2024-11-21 16:32:55
Key Financial Figures
- $0.01 — hich registered Class A Common Stock, $0.01 par value NMRK The Nasdaq Stock Mar
Filing Documents
- ea0221897-8k_newmark.htm (8-K) — 30KB
- ea022189701ex99-1_newmark.htm (EX-99.1) — 10KB
- ex99-1_001.jpg (GRAPHIC) — 3KB
- 0001213900-24-101026.txt ( ) — 214KB
- nmrk-20241120.xsd (EX-101.SCH) — 3KB
- nmrk-20241120_lab.xml (EX-101.LAB) — 33KB
- nmrk-20241120_pre.xml (EX-101.PRE) — 22KB
- ea0221897-8k_newmark_htm.xml (XML) — 3KB
01. Other Events
Item 8.01. Other Events. On November 21, 2024, Newmark Group, Inc. (the "Registrant," "Newmark," or the "Company") issued a press release announcing that its Executive Chairman Howard W. Lutnick has been nominated by President Donald J. Trump to serve as the U.S. Secretary of Commerce and the intention of Mr. Lutnick to step down from his positions with the Company effective upon U.S. Senate confirmation. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein. DISCUSSION OF FORWARD-LOOKING STATEMENTS ABOUT NEWMARK Report on Form 8-K 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. These include statements about the Company's business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. 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.
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits (d) Exhibits The exhibit index set forth below is incorporated by reference in response to this Item 9.01. 1 EXHIBIT INDEX Exhibit Number Description 99.1 Newmark Group, Inc. press release dated November 21, 2024 104 The cover page from this Current Report on Form 8-K, formatted in Inline XBRL 2
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report on Form 8-K to be signed on its behalf by the undersigned hereunto duly authorized. Newmark Group, Inc. Date: November 21, 2024 By: /s/ Howard W. Lutnick Name: Howard W. Lutnick Title: Executive Chairman [Signature Page to Newmark Form 8-K regarding the nomination of Howard Lutnick to serve as the U.S. Secretary of Commerce] 3