Newmark execs take pay cuts
As stores remain closed and rents go unpaid, top executives at the real estate companies that run malls and shopping centers continue to take pay cuts.
Newmark Knight Frank CEO Barry M. Gosin and chairman Howard W. Lutnick are the latest to go that route, agreeing to 50% cuts in their annual base salaries.
Chief financial officer Michael J. Rispoli, chief legal officer Stephen M. Merkel, and other senior managers who report to Gosin will reduce their annual base salaries by 15%.
All salary adjustments take effective immediately and will through the end of the year.
Newmark is a publicly traded company that operates a full-service real estate services business managing more than a hundred retail properties in the United States.