Jamie Hodari
Chief Executive Officer, Building Operations & Experience and Chief Commercial Officer at CBRE
Executive
About Jamie Hodari
Jamie Hodari, age 43, is Chief Executive Officer, Building Operations & Experience, and Chief Commercial Officer at CBRE, roles he has held since January 2025 . He co-founded and served as CEO of Industrious (flexible workplace provider) prior to CBRE; earlier roles include CEO/Co‑Founder of Kepler (2011–2013), investor at Birch Run Capital (2010–2011), attorney at Sullivan & Cromwell (2009–2010), and reporter at the Times of India (2004–2005) . He holds a J.D. from Yale Law School, an M.P.P. from Harvard University, and a B.A. from Columbia University . Company performance context relevant to incentive design: 2024 improved operating environment supported above‑target cash bonus payouts for NEOs; Core EPS awards tied to 2023–2024 paid at 60.1% of target (two‑year measure) and 2024 Core EPS awards paid at 200% (one‑year measure) . CBRE also reorganized segments in 2025 and acquired full ownership of Industrious (Jan 16, 2025), creating Building Operations & Experience, which spans facilities/property management, flexible workplace, and digital infrastructure services—directly linked to Hodari’s remit .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Industrious | Co‑Founder & Chief Executive Officer | Not disclosed | Co‑founded and led flexible workplace provider that CBRE acquired (full ownership Jan 16, 2025), now part of Building Operations & Experience |
| Kepler | Co‑Founder & Chief Executive Officer | 2011–2013 | Pioneered lower‑cost, high‑performing university model in East Africa |
| Birch Run Capital | Investor | 2010–2011 | Investment role prior to operating leadership |
| Sullivan & Cromwell | Corporate Attorney | 2009–2010 | Corporate legal experience |
| Times of India | Reporter | 2004–2005 | Early career journalism experience |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| CBRE Acquisition Holdings, Inc. (merged with Altus Power, Inc.) | Director (previously) | Not disclosed | SPAC directorship; vehicle merged with Altus Power |
Fixed Compensation
- Not disclosed: Hodari is identified as an executive officer in CBRE’s 2025 proxy, but he was not a named executive officer (NEO) for 2024; the proxy’s detailed compensation tables and EBP targets cover the 2024 NEO cohort, not Hodari specifically .
Performance Compensation
Company program design (applies to Section 16 officers/NEOs; Hodari‑specific terms not disclosed in the proxy):
- Annual Executive Bonus Plan (EBP): 50% financial objectives and 50% strategic objectives; the financial metric for NEOs in 2024 was Core EBITDA (100% of financial component) .
- Long‑term incentives: three components introduced/used in 2024—Time‑Vesting Equity Award, Relative TSR Equity Award, and Core EPS Equity Award; Relative TSR was added in 2024 to the annual LTI mix .
- RSU award agreement update in 2025: eliminated the prior “forfeiture if terminate before Dec 31 of grant year” rule and added pro‑rata vesting/eligibility upon death, disability, or Retirement for time‑ and performance‑vesting RSUs (for 2025 awards and amended 2025 grants) .
Table – EBP and LTI framework (company program)
| Component | Metric/Structure | Weighting/Design | 2024/2025 Notes |
|---|---|---|---|
| EBP – Financial | Core EBITDA (global or segment, by role) | 50% of EBP | Financial payout factor for 2024 example NEOs tied to Core EBITDA; design disclosed; Hodari’s specific payout not disclosed |
| EBP – Strategic | Role‑specific strategic objectives | 50% of EBP | Strategic payout factors disclosed for NEOs; design applies broadly; Hodari‑specific objectives not disclosed |
| LTI – Time‑Vesting | Time‑based RSUs | One of three annual LTI grants | Part of 2024 LTI mix |
| LTI – Relative TSR | TSR vs. peer group | One of three annual LTI grants | Introduced in 2024 |
| LTI – Core EPS | Core EPS performance | One of three annual LTI grants | Part of 2024 LTI mix; 2024 Core EPS awards paid 200% (company context) |
| RSU treatment update | Pro‑rata on death/disability/Retirement | Applies to 2025 awards and amended 2025 grants | Eliminates prior immediate forfeiture for early‑year terminations |
Equity Ownership & Alignment
- Stock ownership guidelines: Section 16 officers must hold 2–6x base salary; CEO at 6x, other NEOs (and Mr. Clancy) at 3x; retention of 75% of net‑after‑tax shares (100% for CEO) until compliant .
- Trading/hedging/pledging: Pre‑clearance policy; prohibitions on hedging, short‑selling, pledging, and margin use for directors and Section 16 officers .
- Compliance status in proxy: As of Dec 31, 2024, all NEOs except Mr. Doellinger had satisfied minimum ownership requirements; Hodari joined in 2025 and was not covered in that status disclosure .
- Beneficial ownership: The 2025 proxy table lists directors and NEOs; Hodari is not individually listed there (table as of Mar 24, 2025) .
Table – Ownership and trading policies
| Policy element | Detail |
|---|---|
| Executive stock ownership multiples | CEO 6x salary; other NEOs (and Mr. Clancy) 3x; Section 16 officers 2–6x range |
| Counting rules | Counts: shares owned outright, shares from vested RSUs, allocated plan shares; Excludes: unexercised options, unvested RSUs |
| Retention until compliant | CEO must retain 100%; other NEOs/Mr. Clancy 75% of net‑after‑tax upon vest/exercise |
| Hedging/pledging | Prohibited for directors and Section 16 officers; pre‑clearance and window trading policy |
Employment Terms
- Appointment/role: CEO, Building Operations & Experience and Chief Commercial Officer since January 2025 .
- Restrictive covenants: Party to a Restrictive Covenants Agreement with CBRE, Inc. dated January 13, 2025, arising from CBRE’s acquisition of Industrious; includes three‑year non‑solicitation/no‑hire and restrictions on business activities related to flexible/collaborative/shared office space and related real estate‑based services .
- Clawback policy: Company must recover cash‑based and performance‑based equity incentive compensation from current/former Section 16 officers in the event of certain accounting restatements, regardless of misconduct .
- Change‑of‑control/severance (company plan): No single‑trigger CoC payments/benefits; severance plan provides lump‑sum of 2.0x (Tier I) or 1.5x (Tier II) base salary + target bonus, pro‑rated annual bonus for year of termination (based on actual performance for executive officers), up to 18 months health coverage at active rates, and up to 12 months outplacement for a qualifying termination; equity treatment per plan/award agreements (CEO strategic award excluded) .
Table – Company severance/CoC framework (plan‑level; Hodari‑specific tier not disclosed)
| Element | Term |
|---|---|
| Cash severance | 2.0x (Tier I) or 1.5x (Tier II) of base salary + target bonus on qualifying termination |
| Annual bonus | Pro‑rated for year of termination (executive officers based on actual performance) |
| Benefits | Up to 18 months healthcare at active employee rates; up to 12 months outplacement |
| Equity | Vests per plan/award agreements on qualifying termination; no single‑trigger acceleration |
Performance & Track Record
- Segment/strategy linkage: In 2025, CBRE combined project management with Turner & Townsend and created “Project Management” as a separate reportable segment; it also created “Building Operations & Experience” (facilities management, property management, flexible workplace, digital infrastructure)—the business Hodari leads as CEO, BO&E .
- Leadership additions and deals noted by the Board/CEO: 2024 performance section credits executive leadership for executing the Turner & Townsend combination and Industrious acquisition, and adding talent including Jamie Hodari .
Compensation Peer Group and Say‑on‑Pay
- Peer tickers used for TSR comparison: CIGI, CWK, ISS, JLL, MMI, NMRK, SVS.L, WD .
- Say‑on‑pay: Approximately 94% approval at the 2024 annual meeting .
Table – Governance signals
| Item | Detail |
|---|---|
| Say‑on‑pay 2024 | ~94% approval |
| TSR peer set (for comparisons) | CIGI, CWK, ISS, JLL, MMI, NMRK, SVS.L, WD |
Related‑Party Transactions and Policies
- Restrictive Covenants Agreement: As above, Hodari’s three‑year restrictive agreement tied to Industrious acquisition (non‑solicit/no‑hire and certain business activity restrictions), dated Jan 13, 2025 .
- Policies restricting hedging/pledging and stock trading apply to directors and Section 16 officers; pre‑clearance required .
- No single‑trigger CoC; clawback policy in place .
Investment Implications
- Alignment/retention: Hodari’s incentive alignment will follow CBRE’s pay‑for‑performance architecture (EBP tied 50% to Core EBITDA and 50% to strategic goals; LTI mix of Time‑Vesting, Relative TSR, and Core EPS), but his individual targets and grant values were not disclosed in the 2025 proxy because he was not an NEO for 2024 . The three‑year Restrictive Covenants Agreement associated with the Industrious acquisition may reduce near‑term mobility in directly competitive flexible workspaces, supporting retention during BO&E integration .
- Insider selling pressure/ownership transparency: CBRE prohibits hedging and pledging, and imposes stock ownership requirements on Section 16 officers; however, Hodari’s individual beneficial holdings and compliance status were not disclosed in the 2025 proxy, limiting visibility into near‑term selling pressure catalysts .
- Governance risk: No single‑trigger CoC and a robust clawback policy mitigate shareholder‑unfriendly outcomes; severance economics are formulaic (2.0x/1.5x salary+target bonus) and consistent with large‑cap norms .
- Execution focus: The BO&E segment’s scope—integrating facilities/property management with flexible workspace (Industrious) and digital infrastructure—ties Hodari’s mandate to secular themes (flex/workplace experience, infrastructure services), but performance measurement will be best tracked via future segment disclosures rather than 2024 NEO outcomes .