Andrew McDonald
Cushman & WakefieldAbout Andrew McDonald
Andrew McDonald is Global President & Chief Operating Officer of Cushman & Wakefield (CWK). Age 50, he was promoted to Global President & COO effective July 1, 2023, after serving as President since January 2022 and previously Chief Executive, Americas; he began his career at ASIMCO and later joined Cushman Realty (merged with C&W in 2001) . Under senior leadership in 2024, CWK generated $131.3m net income and $167.0m free cash flow and reduced debt, while 2022 PRSU awards paid at 46.7% (3-year period ended 2024) with relative TSR at the 40th percentile, evidencing pay-for-performance calibration amid a challenged CRE cycle .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cushman & Wakefield | Global President & Chief Operating Officer | Effective Jul 1, 2023 | Executive leadership of global operations following promotion from President . |
| Cushman & Wakefield | President | Jan 2022 – Jun 2023 | Led Americas and APAC businesses; pivotal role in profitability, growth, and new strategic opportunities . |
| Cushman & Wakefield | Chief Executive, Americas | From Jul 2020 | Regional CEO responsibilities across Americas . |
| Cushman & Wakefield | Regional roles (Americas West; EMD & Regional Managing Principal, Greater LA/OC) | Pre–2020 | Senior market leadership roles prior to Americas CEO . |
| ASIMCO; Cushman Realty (merged into C&W 2001) | Early career; joined Cushman Realty | N/A | Private equity background and early entry into the firm that merged with C&W . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| The Los Angeles Coalition | Board member | Current | Regional civic/business policy engagement . |
| California Hospital Medical Center | Board member | Current | Community healthcare governance involvement . |
| Real Estate Roundtable | Member | Current | Industry policy network participation . |
| Policy Advisory Board, Fisher Center for Real Estate & Urban Economics | Member | Current | Academic-industry policy advisory engagement . |
| Los Angeles Fire Department Scholarship Fund | Board member | Current | Community service and philanthropy . |
Fixed Compensation
| Element | 2024 Detail |
|---|---|
| Base Salary | $900,000 . |
| Target Annual Bonus | $1,700,000 (max 200% of target) . |
| 2024 Actual AIP Payout | 100% of target ($1,700,000), after committee downward discretion from 112% funding on Compensation EBITDA . |
Performance Compensation
| Plan/Grant | Metric(s) | Weighting | Target | Actual/Outcome | Payout/Max | Vesting |
|---|---|---|---|---|---|---|
| 2024 Annual Incentive Plan | Compensation EBITDA vs. AOP | 100% | $570m target; threshold $399m; max $741m . | $591m achieved (104% of target) → plan funded at 112%, adjusted to 100% for NEOs . | 0–200% (paid 100%) . | Cash paid Mar 2025 . |
| 2024 PRSUs (Senior Tier) | Strategic Cash Generation; Strategic Cost Efficiency | 75% / 25% | Not disclosed (3-year cumulative goals) . | In-flight (performance period 2024–2026) . | Max 287.5% of target . | Cliff vest upon certification in 2027, service through 3rd anniversary required . |
| 2022 PRSUs (granted Feb 2022) | Adjusted EBITDA Margin Performance; Adjusted EBITDA Growth; ±TSR modifier | 50% / 50%; ±20% | Multi-year targets (2022–2024) . | Aggregate payout 46.7%; McDonald vested 29,123 shares on Feb 26, 2025 . | 0–200% pre-TSR; TSR cap if negative . | Vested Feb 26, 2025 . |
| 2025 PRSUs (program change) | Adjusted EPS (three 1-year periods) with ±20% relative TSR modifier | 50% PRSU / 50% RSU mix for all NEOs | Set annually by committee . | In-flight | Max 150% of target . | PRSUs measured annually; TSR over 3 years . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 315,458 shares as of Aug 26, 2025 . |
| Ownership as % of Outstanding | Approximately 0.14% based on 231,531,216 shares outstanding as of Aug 29, 2025 . |
| Stock Ownership Guidelines | 3x salary for NEOs; retention requirement until met . |
| Compliance Status (Dec 31, 2024) | All directors and NEOs were in compliance (met or retained) . |
| Hedging/Pledging | Hedging and pledging prohibited by policy; pre-clearance and trading windows apply . |
| Clawback | SEC/NYSE-compliant clawback for restatements; additional misconduct recoupment beyond legal minimum . |
Vesting Schedule (select outstanding awards at Dec 31, 2024)
| Award Type | Shares | Vesting Date(s) |
|---|---|---|
| Time-vesting RSUs | 34,878 | Feb 23, 2026 . |
| Time-vesting RSUs | 21,394 | Two equal installments on Jul 1, 2025 and 2026 . |
| Time-vesting RSUs | 20,787 | Vested Feb 24, 2025 . |
| Time-vesting RSUs | 17,759 | Vested Feb 24, 2025 . |
| Time-vesting RSUs | 5,940 | Vested Feb 24, 2025 . |
| Time-vesting RSUs | 9,965 | Vested Feb 23, 2025 . |
| 2024 PRSUs (at target) | 384,615 | Performance period 2024–2026; vest upon certification in 2027 . |
Note: 2022 PRSUs vested 29,123 shares on Feb 26, 2025 at a 46.7% payout of target .
Employment Terms
| Topic | Key Terms |
|---|---|
| Current Role Effective Date | Promoted to Global President & COO effective Jul 1, 2023 . |
| Offer Letter (May 4, 2023) | Base $900,000; target bonus $1,700,000; annual RSU target $3,850,000 (Board discretion) . |
| Severance (No CIC) | If terminated without cause: 1x base salary + 1x target bonus (paid over 12 months); pro‑rated bonus; 12 months subsidized health coverage; outplacement up to $25,000; time-based RSUs continue on schedule; PRSUs remain eligible subject to performance (service requirement deemed met) . |
| Severance (Double-Trigger CIC) | If terminated without cause or resigns for good reason within 2 years post‑CIC: 2x base salary + 2x target bonus (over 24 months); pro‑rated bonus; 24 months subsidized health coverage; if awards assumed, full acceleration of RSUs; PRSUs vest based on actual for completed years and target for uncompleted periods . |
| Restrictive Covenants | Non‑disparagement and confidentiality (2023/2024); prior program included 12‑month non‑compete and non‑solicit in earlier offer framework . |
| Tax Gross‑Ups | None provided (no 162(m)/409A/4999 gross‑ups) . |
Performance & Track Record
| Indicator | Data/Commentary |
|---|---|
| Company Operating Results (2024) | Net income $131.3m; Free cash flow $167.0m; reduced borrowings and repriced term loans; liquidity $1.9b (cash $0.8b and $1.1b undrawn RCF) . |
| AIP Alignment (2024) | Single metric (Compensation EBITDA) funded at 112% but paid at 100% for NEOs via downward discretion to reinforce alignment . |
| LTI Realization (2022 PRSUs) | 3‑year PRSUs paid at 46.7%; relative TSR at 40th percentile (no positive modifier) . |
| Shareholder Support | Say‑on‑pay approval 96.8% at 2024 AGM . |
Investment Implications
- Alignment: 2024 LTI for senior tier was 100% PRSUs tied to multi-year cash generation and cost efficiency, with high max payout but full risk of non‑payment—strong pay-for-performance design .
- Retention risk: Double‑trigger CIC severance (2x cash; full RSU acceleration if assumed) plus continued eligibility of unvested PRSUs on no‑cause termination limits voluntary departure risk, especially amid recovering transaction cycles .
- Selling pressure: Upcoming scheduled RSU vests through 2026 and PRSU cliff in 2027 could create periodic supply (tax withhold/settlement), but hedging/pledging prohibitions and ownership guidelines mitigate adverse signaling; no pledging permitted and NEOs are in compliance with ownership rules .
- Execution risk: With 2022 PRSUs paying below target (46.7%) and 2024 AIP at target post‑discretion, realization depends on delivering multi‑year FCF and cost outcomes and on EPS growth in the 2025 LTI redesign; TSR sensitivity remains via the modifier .
Monitoring items: 2024–2026 PRSU performance trajectory (cash generation/cost), 2025–2027 Adjusted EPS targets and TSR modifier effect, and future proxy disclosures on payout calibration and any changes to severance/ownership policies .