Howard Lutnick, executive chairman of Newmark, is set to stand down from the business after being nominated to become US secretary of commerce in Donald Trump’s new government.
Lutnick said: “I am deeply honoured to have been nominated by president Donald J Trump to serve as the 41st US secretary of commerce. I look forward to this new chapter in my life, working for president Trump to promote economic growth, drive innovation, and strengthen our nation’s financial security.”
Upon confirmation by the US Senate, Lutnick will step down from his positions at Cantor, BGC and Newmark.
Lutnick added: “I have full confidence in the leadership of Barry Gosin, Newmark’s chief executive, and our exceptional management team to continue to drive the success of the company, upholding the best interests of Newmark’s clients, investors, and employees.”
Newmark said it did not expect any changes to its existing corporate structure.
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