Michelle MacKay

MacKay leads one of the world’s largest commercial real estate brokerages through one of the industry’s most turbulent periods. She took over as CEO in 2023 after serving as CFO, stepping into the role as office demand weakened and transaction volumes collapsed globally.

MacKay has focused on cost discipline, emphasizing profitability over growth as capital markets tightened. Under her leadership, Cushman has reduced expenses, streamlined operations and sought stability in leasing and property management to offset slower capital markets revenue.

The firm has also faced internal pressure, including broker departures and competition from rivals pursuing aggressive recruiting strategies. MacKay has framed her tenure as one of realism, not expansion, acknowledging that the brokerage business must adapt to structurally lower transaction volume.

MacKay is the prototype of today’s CEO who obsesses over survival and efficiency over chasing market share. Her success will be measured less by growth headlines and more by Cushman’s ability to endure a prolonged reset.