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Cushman & Wakefield (NYSE: CWK) has announced a leadership change with the retirement of John Forrester as CEO, effective June 30, and the appointment of President and Chief Operating Officer Michelle MacKay as his successor, effective July 1.

Forrester will remain employed as a strategic advisor until Dec. 31. Andrew McDonald, currently president of Cushman & Wakefield, was named to an expanded role of global president and chief operating officer overseeing all the firm’s service lines and regions.

“The Board is pleased that Michelle MacKay will succeed John as CEO,” said Brett White, the company’s executive chairman of the board. “Michelle has an impressive track record of creating substantial value for shareholders and clients through her deep expertise in commercial real estate and corporate strategy. In their new roles, the combination of Michelle and Andrew – who also has played a pivotal role in the firm’s profitability, growth and development of new strategic opportunities – creates a formidable leadership team that is uniquely qualified to steer evolution within the commercial real estate services industry. We are confident that their leadership will significantly advance the firm’s operational excellence and ability to deliver long-term growth.”

The company also announced the passing of John C. Cushman III, a member of Cushman & Wakefield’s founding family, who died on May 4 at the age of 82. Cushman’s career spanned nearly six decades, beginning as a broker in the company’s New York City office in 1963. He became global chairman of the board in 2001 and was serving on the company’s global advisory board at the time of his passing.