Andrew Horn
Deputy Chief Financial Officer and Principal Accounting Officer at CBRE
Executive
About Andrew Horn
Andrew S. Horn is Deputy Chief Financial Officer and Principal Accounting Officer at CBRE, effective September 1, 2025; he is 37 years old and holds a B.S. from Indiana University and an M.B.A. from the University of Chicago Booth School of Business . He signed multiple CBRE filings as principal accounting officer, indicating Section 16 insider status (Form 3 initial beneficial ownership filed September 3, 2025) . CBRE’s performance around his tenure: revenue rose from $31.9B in 2023 to $35.8B in 2024; Core EBITDA increased from $2.2B to $2.7B; 1-year TSR was 21% in 2023 and 41% in 2024 (vs S&P 500 benchmarks) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| CBRE Group, Inc. | Deputy Chief Financial Officer | Jan 2025–present | Enterprise finance leadership; signed SEC filings as principal accounting officer . |
| CBRE Group, Inc. | Principal Accounting Officer (responsibility) | Effective Sept 1, 2025 | Oversight of accounting; designation as principal accounting officer . |
| CBRE – Advisory Services & Global Workplace Solutions | Segment CFO | Apr 2024–Jan 2025 | Finance lead for major resilient/recurring businesses . |
| CBRE – Real Estate Investments | Segment CFO | Sept 2022–Apr 2024 | Finance lead across development/investment management cycles . |
| CBRE – Finance Innovation Office | VP/SVP | Mar 2020–Sept 2022 | Led finance innovation initiatives . |
| Hana (REI division of CBRE) | Head of Transactions & Underwriting | Jan 2019–Mar 2020 | Underwriting and transactional leadership for flex space initiative . |
External Roles
- Not disclosed in CBRE’s filings reviewed .
Fixed Compensation
- Base salary, target bonus percentage, and actual bonus paid for Andrew Horn are not disclosed (he is not listed among CBRE’s named executive officers in the 2025 proxy) .
Performance Compensation
CBRE’s incentive architecture for executive officers (applies company-wide; Andrew’s personal award details are not disclosed):
- Annual Executive Bonus Plan (EBP): 50% financial (Core EBITDA and/or segment operating profit), 50% strategic objectives. Payouts: financial component 0–200% with thresholds at 70%/100%/130%; strategic component 0–150% based on a 1–5 rating scale .
- Long-term equity awards: Time-Vesting RSUs; Core EPS performance-based RSUs; from 2024, Relative TSR performance-based RSUs introduced .
| Metric | Design Detail | Vesting/Payout |
|---|---|---|
| EBP Financial | Core EBITDA (global) and/or segment operating profit | 0–200% of target; 70% threshold, 100% target, 130% max . |
| EBP Strategic | Pre-set qualitative/quantitative objectives | 0–150% via rating scale (1–5) . |
| Time-Vesting RSUs | Annual grants | 25% per year over 4 years (2023 design) . |
| Core EPS RSUs | Performance-based | Earned 0–200% based on cumulative/timed Core EPS; 2023 awards paid 60.1% of target; 2024 awards paid 200% (committee certifications in 2025) . |
| Relative TSR RSUs | Performance-based (from 2024) | rTSR vs peer group; 0–175% vesting if >50th to ≥75th percentile . |
Equity Ownership & Alignment
- Section 16 officer stock ownership policy: minimum common stock ownership requirement of two to six times base salary; CEO 6x, other named executive officers 3x. Covered shares include outright holdings and vested RSUs; unvested RSUs and unexercised options do not count .
- Hedging/short-selling/pledging of CBRE stock is prohibited by policy .
- Clawback policy applies to cash-based and performance-based equity incentives for current/former Section 16 officers in the event of a financial restatement .
- SEC filings indicate Andrew Horn is a Section 16 reporting insider (Form 3 filed Sept 3, 2025; period of report Sept 1, 2025) .
| SEC Filing | Date | Role Notation |
|---|---|---|
| Form 3 (Initial Beneficial Ownership) | Sept 3, 2025 | Deputy Chief Financial Officer; Principal Accounting Officer (per contemporaneous filings) . |
Employment Terms
- Appointment 8-K (Item 5.02): Andrew Horn appointed principal accounting officer effective Sept 1, 2025; no arrangements/understandings tied to selection; no related-party transactions; no family relationships with directors/executive officers .
- Severance Plan: All CBRE executive officers participate; Tier I (CEO) cash severance 2.0x salary+target bonus; Tier II participants 1.5x salary+target bonus; pro-rata current-year bonus; continued healthcare for 18 months at active employee rates; outplacement assistance; and treatment of equity awards with accelerated/continued vesting mechanics, including special treatment during the “Change in Control Protection Period” (120 days pre-CIC through 2 years post-CIC) .
- Equity award treatment under CIC: If awards are not assumed, vesting may accelerate; if assumed, performance awards can convert to time-vesting schedules; detailed methods for determining vesting-eligible shares and delivery timing reflected in award agreements .
- Clawback and securities compliance policies: ban hedging/pledging; pre-approval for insider transactions; Rule 10b5-1 guidelines .
Performance & Track Record
CBRE financials and TSR context across 2023–2024 to benchmark pay-for-performance environment:
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenue ($B) | $31.9 | $35.8 |
| Net Revenue ($B) | $18.3 | $20.9 |
| GAAP Net Income ($M) | $986 | $968 |
| GAAP EPS ($) | $3.15 | $3.14 |
| Core EBITDA ($B) | $2.2 | $2.7 |
| Core EPS ($) | $3.84 | $5.10 |
| 1-Year TSR | 21% (vs S&P 500 26%) | 41% (vs S&P 500 25%) |
Compensation Committee Analysis
- Compensation Committee chaired by Reginald H. Gilyard; uses independent consultant FW Cook; program emphasizes significant “at-risk” pay, multi-metric design, and shareholder feedback incorporation .
- Say-on-pay approval: approximately 94% (2024 meeting, covering 2023 comp) and 94% noted in governance highlights (latest proxy) .
Risk Indicators & Red Flags
- Hedging/pledging prohibited; strong clawback policy reduces misalignment risk .
- No related-party arrangements disclosed for Horn’s appointment; reduces governance risk .
- Company-wide severance plan includes double-trigger change-of-control protections; equity award treatment is structured to avoid windfalls without CIC/termination .
Equity Ownership & Alignment
- Ownership guidelines apply to Section 16 officers (including principal accounting officer); retention of 75% of net-after-tax shares until guidelines are met (100% for CEO) .
- No pledging allowed; compliance status for Andrew Horn specifically is not disclosed .
Employment Terms
| Provision | CBRE Policy |
|---|---|
| Severance multiples | Tier I: 2.0x; Tier II: 1.5x salary+target bonus . |
| Pro-rata annual bonus | Paid based on actual performance for executives . |
| Healthcare continuation | 18 months at active employee rates; COBRA differential reimbursed if needed . |
| Equity award treatment (CIC) | Accelerated/continued vesting; assumption vs conversion rules . |
| Restrictive covenants | Non-solicit and compliance requirements; clawback conditions tied to covenants . |
| Clawback | Mandatory recovery upon restatements for Section 16 officers . |
| Hedging/pledging | Prohibited . |
Investment Implications
- Alignment: Horn’s Section 16 status, ownership guidelines, clawback, and anti-hedging/pledging indicate structurally strong alignment and lower governance risk .
- Retention: Coverage under CBRE’s senior management severance plan with double-trigger CIC protections and structured equity treatment suggests competitive retention economics without single-trigger windfalls .
- Trading signals: Horn’s recent Form 3 establishes insider reporting; we did not identify Horn-specific Form 4 sale activity in our searches, limiting immediate insider selling pressure signals; monitor future filings for RSU settlements or discretionary sales .
- Performance backdrop: Material improvement in 2024 Core EPS and Core EBITDA and strong 1-year TSR vs the S&P 500 underpins the pay-for-performance framework (EBP and LTIs), but Andrew’s individual award outcomes are undisclosed, warranting continued monitoring of proxy disclosures for NEO status changes .