Gerardo I. Lopez
Director at CBRE
Board
About Gerardo I. Lopez
Gerardo I. Lopez, age 65, has served as an independent director of CBRE since October 2015 and currently chairs the Audit Committee and serves on the Corporate Governance and Nominating Committee. He holds a B.A. from George Washington University and an M.B.A. from Harvard Business School, and brings 35+ years of senior leadership experience across hospitality, entertainment, and consumer products, including CEO roles and extensive finance, operations, and risk management expertise . The Board classifies him as independent under NYSE standards; he is also designated an Audit Committee Financial Expert and leads oversight of CBRE’s audit and financial reporting processes .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| AMC Entertainment Holdings, Inc. (and AMC Entertainment Inc.) | President & CEO | Mar 2009 – Aug 2015 | Led large-cap consumer/entertainment platform; public company leadership |
| Extended Stay America, Inc. & ESH Hospitality, Inc. (paired-share REIT) | President & CEO | Aug 2015 – Dec 2017 | Senior advisor Jan–Mar 2018; hospitality operations |
| Softbank Investment Advisers, Inc. | Operating Partner & Head of Operating Group | Dec 2018 – Oct 2021 | Post-portfolio value creation leadership |
| Softbank Investment Advisers, Inc. | Executive-in-Residence | Oct 2021 – Oct 2022 | Strategic advisory |
| Starbucks Coffee Company | EVP; President of Global Consumer Products, Seattle’s Best Coffee, Foodservice | Sep 2004 – Mar 2009 | Brand extensions, global consumer products, channel strategy |
| Handleman Company | President, Handleman Entertainment Resources division | Nov 2001 – Sep 2004 | Distribution/entertainment operations |
| International Home Foods; Frito-Lay; Pepsi-Cola; Procter & Gamble | Various executive management roles | Not specified | Consumer/FMCP operations background |
External Roles
| Organization | Role | Status | Notes |
|---|---|---|---|
| Newell Brands | Director | Current | Other public company board service |
| Realty Income Corporation | Director | Current | REIT; other public company board service |
| Brinker International, Inc. | Director | Prior | Prior public board service |
| Extended Stay America, Inc. | Director | Prior | Prior public board service |
| AMC Entertainment Holdings, Inc. | Director | Prior | Prior public board service |
| Digital Cinema Implementation Partners | Director | Prior | Prior board service |
| National Cinemedia, LLC | Director | Prior | Prior board service |
| Open Road Films | Director | Prior | Prior board service |
| Safeco Insurance | Director | Prior | Prior board service |
| TXU, Inc. | Director | Prior | Prior board service |
| Recreational Equipment, Inc. (REI) | Director | Prior | Prior board service |
Board Governance
- Committees: Audit (Chair); Corporate Governance and Nominating (Member). In 2024, the Board met 8 times; Audit met 9 times; Governance met 5 times. Each incumbent director attended at least 75% of Board and committee meetings in aggregate; all directors attended the 2024 annual meeting .
- Independence: All members of Audit and Governance are independent under SEC/NYSE standards; Lopez is an independent director and marked as an Audit Committee Financial Expert (starred) among Audit members .
- Audit scope: As chair, Lopez oversees the independent auditor, pre-approves services, reviews audits, internal controls, compliance, cybersecurity/data governance, and major financial/IT risk exposures .
- Governance scope: Corporate Governance & Nominating oversees Board principles, nominations, independence standards, director compensation review, and annual evaluations; all members are independent .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $125,283 | $140,000 |
| Stock Awards ($) | $219,976 | $219,993 |
| Total ($) | $345,259 | $359,993 |
| Policy Elements (Annual) | Board retainer $110,000; Audit Chair $30,000; LID $75,000; Compensation Chair $25,000; Governance Chair $20,000 | RSUs valued ~$220,000; vest at earlier of one year or next annual meeting |
- Non-employee directors may elect to receive shares in lieu of cash; eligible to defer compensation via the Deferred Compensation Plan (policy disclosure) .
Performance Compensation
| Award Type | 2023 Grant | 2024 Grant | Vesting | Performance Metrics |
|---|---|---|---|---|
| RSUs (Directors) | 2,919 RSUs at $75.36 per share; grant date May 17, 2023 | 2,455 RSUs at $89.61 per share; grant date May 22, 2024 | Vest in full on earlier of one-year anniversary or next annual meeting | None disclosed (time-based vesting only) |
Other Directorships & Interlocks
| Area | Details |
|---|---|
| Current public boards | Newell Brands; Realty Income Corporation |
| Compensation committee interlocks | None disclosed for 2024; Lopez served on the Compensation Committee for a portion of 2023 and is a non-employee director |
| Potential interlocks/conflicts | No related-party transactions disclosed involving Lopez; Audit Committee reviews and approves potential conflicts per policy |
Expertise & Qualifications
- Skills: Finance & Accounting; Global Business Operations; Human Capital Management; M&A; Other Public Company Board Service; Real Estate Industry Experience; Risk Management; Senior Leadership/CEO; Sustainability; Technology & Innovation .
- Education: B.A., George Washington University; M.B.A., Harvard Business School .
- Board Tenure: 9 years; Age 65 .
- Audit Committee Financial Expert designation; chair role highlights financial oversight capacity .
Equity Ownership
| As of | Common Stock Beneficially Owned | Common Stock Acquirable Within 60 Days (RSUs) | Total Beneficial Ownership | % of Outstanding |
|---|---|---|---|---|
| March 24, 2025 | 41,107 shares | 2,455 shares | 43,562 shares | Less than 1.0% |
- Outstanding RSUs as of Dec 31, 2023: 2,919 (no stock options outstanding) .
- Stock ownership requirements: Non-employee directors must hold at least 5x the value of annual stock grants; if not satisfied, must retain 100% of net shares upon vesting/exercise; shares counted include outright owned and vested RSUs; unvested RSUs and options do not count .
- Securities Compliance Policy: Prohibits short-selling, hedging, and pledging; pre-approval required for director transactions .
- Pledging/margin arrangements: As of March 28, 2024, none of CBRE’s current executive officers or directors had pledged shares, except that Lopez’s shares are held in a brokerage account subject to a customary margin arrangement that may be deemed pledged under typical margin terms .
Governance Assessment
-
Positives
- Long-serving independent director with audit chair leadership, designated financial expert, and strong finance/operations background; supports control and risk oversight .
- Strong engagement: ≥75% attendance in 2024 across Board/committee meetings; full Board attendance at annual meeting .
- Director pay structure emphasizes equity alignment via annual RSUs; equity awards exceed cash fees, reinforcing long-term orientation .
- Clear policies on conflicts, whistleblowing, securities compliance, and clawback for officers create robust governance environment .
-
Red Flags
- Margin arrangement may be deemed a pledge: While company policy prohibits pledging, Lopez’s shares are in a margin account, which is disclosed as potentially deemed pledged—this is a misalignment risk and warrants monitoring and clarification from CBRE on exceptions/controls .
- Multiple external boards (Newell Brands, Realty Income) increase time commitments; however, CBRE’s director overboarding policy sets explicit limits, and Lopez is not disclosed as an executive officer elsewhere .
-
Compensation/Alignment Signals
- Year-over-year cash fees increased due to full-year Audit Chair service ($125,283 → $140,000); equity grants remained approximately flat (~$220k), indicating stable equity-based alignment .
- Director RSUs are time-based and not performance-conditioned; no option awards outstanding—reduces risk of option repricing and focuses on share ownership .
-
Independence/Conflicts
- Board confirms independence of Audit and Governance committees; Audit Committee explicitly reviews related-party transactions and corporate opportunities, with Lopez as chair overseeing these approvals .
Monitoring priorities for investors: Seek confirmation of any waivers or exceptions regarding pledging under the Securities Compliance Policy; assess any CBRE engagements with Realty Income/Newell Brands for potential related-party exposure; track committee leadership continuity and attendance in future proxies .