Barry Gosin, CEO of Newmark since 1979, will step down from his post on 31 December. The company announced this last Friday. Gosin, 75, will serve as Chairman of Newmark & Company Real Estate, Newmark's operating company, to ensure a smooth transition for his successor. A successor is to be appointed by Newmark's Board of Directors by the end of the year.
In a statement, Gosin said he had spent almost his entire career at Newmark, working with an exceptional team whose dedication, talent, and commitment had enabled the company's success. He stressed that the company is stronger than ever, the strategy is working, and future opportunities are significant. For this reason, he felt now was the right time to step back from daily operations to focus exclusively on matters important to Newmark and to support the company through this transition.
Strategic Direction and Success
Newmark employs 10,000 professionals in over 195 offices worldwide. The company consciously does not pursue the strategy of being the largest brokerage firm in the USA, but instead focuses on efficiency and global reach. Its presence extends across Europe with a 1,000-strong team, as well as locations in Latin America, the Asia-Pacific region, the United Kingdom, Mexico, India, and Singapore. Newmark possesses comprehensive expertise in capital markets, leasing, valuation, property management, and advisory services across all real estate sectors.
Just last month, the company reported strong second-quarter results and a robust transaction pipeline. Gosin stated that Newmark expects double-digit revenue and earnings growth for the third consecutive year. During the earnings call, he explained that investments in recurring revenue streams, continued international expansion, improving industry fundamentals, and talented professionals are expected to collectively drive Newmark's long-term growth and market share gains.
Gosin's Legacy and Strategic Decisions
Gosin leaves an impressive legacy as Newmark's CEO. He played a significant role in driving the company's development, including its IPO in 2017 and the spin-off from BGC Partners in 2018. During his tenure, he was also responsible for the acquisition of over 60 companies. In an interview in 2023, Gosin stated that the goal was to be the best. He explicitly did not want to be the biggest, because beyond a certain size, one has to feed the system.
- —Gosin's goal was once to build the country's leading capital markets business at Newmark.
- —In February 2023, Adam Spies and Doug Harmon were hired from Cushman & Wakefield.
- —Six months later, Newmark received the mandate for Signature Bank's USD 60 billion loan portfolio.
- —The team led by Harmon, Spies, and the debt department headed by Jordan Roeschlaub consistently achieves significant business deals.
Stephen Merkel, Chairman of the Board of Directors, Executive Vice President, and Chief Legal Officer of Newmark, acknowledged Gosin's contribution. He stated that Barry, along with his entire executive team, guided Newmark through some of its most significant milestones, including the IPO in 2017. Under his leadership, Newmark grew to become the fastest-growing publicly traded commercial real estate company globally. Annual revenues have risen by over 1,400 per cent since 2011, while the number of professionals has expanded to over 10,000 and locations to around 195.
Gosin's tenure as CEO ends at the turn of the year. His new contract as Chairman of Newmark's operating company is dated until 2029.
