BGC Group, a leading global brokerage and financial technology company, announced the Board of Directors appointed John Abularrage, JP Aubin, and Sean Windeatt as Co-Chief Executive Officers. Mr. Windeatt will retain his position as Chief Operating Officer, a role he has held since 2009.

Howard W. Lutnick, who was confirmed by the United States Senate as the 41st Secretary of Commerce, has stepped down as Chief Executive Officer and Chairman of BGC.

“John, JP, and Sean are world-class executives that have demonstrated their ability to lead, executed on strategic initiatives, and delivered enormous growth for BGC,” said Mr. Lutnick. “The Board and I have complete confidence in their ability to manage and operate the Company, as I step into my new role in public service.”

Together, as Co-Global Heads of Brokerage, Messrs. Abularrage, Aubin, and Windeatt have overseen the Company’s day-to-day operations and helped define and execute its corporate strategy. This includes BGC’s organic growth initiatives and strategic acquisitions, which accelerated the Company’s expansion and strengthened its market position. Under their joint leadership, BGC has consistently produced double-digit revenue growth and generated record revenues of more than $2.25 billion in 2024.

“I am grateful for the Board’s trust in me and our collective leadership, and I look forward to continuing to work alongside JP and Sean as Co-CEOs,” said Mr. Abularrage. “Together, we are committed to executing our proven strategy and delivering value for our clients and shareholders.”

“I am honored to have the opportunity to co-lead this incredible organization, delivering world-class brokerage services and solutions to our clients,” said Mr. Aubin. “Having joined the Company 20 years ago, I look forward to continuing to work alongside John and Sean to drive BGC’s growth and support our clients through innovation and excellence.”

“It is an immense privilege to co-lead BGC at this pivotal moment, as we focus on executing transformative strategies that expand our global offering and client base that will generate long-term value for our shareholders,” said Mr. Windeatt. “Having served as an Executive Officer of BGC since 2009, I am extremely proud of what we have built and I look forward to partnering with John and JP to continue driving the Company’s future success.”

In separate releases, BGC today announced additional Executive and Board changes. Please visit ir.bgcg.com.

BIOGRAPHIES

John Abularrage has served as Co-Global Head of Brokerage and Chief Executive Officer of the Americas for BGC Group, where he was responsible for leading, developing, and growing BGC’s brokerage business in the region.

Mr. Abularrage joined BGC Group in 2021, bringing more than 20 years of financial services experience to the business. Prior to joining the Company, he held various senior positions at TP ICAP, including Head of Global Broking and Chief Executive Officer of the Americas. Prior to that, Mr. Abularrage served as the Chief Executive Officer of North America at Collins Stewart, where he was previously the Head of Equities.

JP Aubin has served as Co-Global Head of Brokerage and Chief Executive Officer of EMEA for BGC Group. He was also Global Head for Listed Products, as well as all digital group platforms, and was President of Aurel BGC, the Company’s EU subsidiary.

Mr. Aubin joined BGC in 2005 and helped drive the company’s rapid expansion in Europe, which included the acquisitions of ETC Pollak in 2005 and Aurel in 2006. In 2008, he moved to BGC’s New York office, where he became Global Head for Listed Products. Since then, he has been instrumental in developing BGC’s voice and electronic broking services in listed products, including equity derivatives, commodities, cash equity, futures and options on futures, and structured products.

Mr. Aubin began his broking career with Viel-Tradition Group in 1990, after being part of the Barclays Bank student training program. After trading futures and options for 10 years in both London and Paris, he was promoted to run the company’s continental European operations.

Mr. Aubin is a board member of the French cultural organization the Réunion des Musées Nationaux, and in 2023 was awarded Commandeur des Arts et des Lettres. Mr. Aubin is also deeply involved in his foundation, the JP Aubin Family Foundation, which focuses on providing children with access to museums and other cultural opportunities.

Sean Windeatt has served as BGC’s Chief Operating Officer for the past 14 years and was appointed Co-Global Head of Brokerage in 2023. Since 2012, he has also held the role of Chief Executive Officer of BGC’s UK business.

Based in London, Mr. Windeatt has been with the Company for more than 27 years. He joined Cantor Fitzgerald in 1997 in the Finance Department and, following the tragic events of September 11, 2001, he was instrumental in stabilizing and rebuilding the firm’s brokerage operations.

With BGC’s establishment as an independent company in 2004, he became an integral part of its growth and development. In 2009, he was appointed Chief Operating Officer, overseeing key strategic initiatives, operational efficiencies, and the Company’s expansion. His leadership extended further in 2012 when he became CEO of BGC Brokers, L.P., guiding the UK business through a period of growth and transformation. In 2023, he assumed the role of Co-Global Head of Brokerage, further strengthening BGC’s position in the industry.

Stephen Merkel named Chairman of BGC Group’s Board of Directors

Brandon Lutnick will also join the Board

BGC Group, a leading global brokerage and financial technology company, announced Stephen Merkel has been named Chairman of the Board of Directors. Howard W. Lutnick, who was confirmed today by the United States Senate as the 41st Secretary of Commerce, has stepped down as Chief Executive Officer and Chairman of the Board of BGC.

Mr. Merkel, who has been with BGC since its founding, will also retain his current roles as Executive Vice President and General Counsel. Brandon Lutnick will also join as a member of the Board.

“Stephen has been one of my closest advisors for more than 30 years,” said Howard Lutnick. “He is an outstanding leader who understands the core of our firm. With his experience and dedication to the Company, I am confident he will successfully help lead BGC’s continued growth and excellence, as I take on a new role serving the American people.”

“I am honored and humbled by both Howard’s recommendation and the Board’s appointment,” said Mr. Merkel. “I am excited to continue working alongside the Board and John, JP, and Sean to drive the Company’s strategic vision forward. We are immensely grateful for Howard’s unwavering support for our employees, clients, and community over the past four decades and have no doubt the American people will benefit from his invaluable expertise.”

In separate releases, BGC today announced additional Executive and Board changes. Please visit ir.bgcg.com.

BIOGRAPHIES

Stephen Merkel is Chairman of the Board of Directors of BGC Group, Inc. and is Executive Vice President and General Counsel. He is also on the Board of Directors of BGC Group’s FMX business. Additionally, he is Executive Vice Chairman, Executive Managing Director, and General Counsel for the Cantor Fitzgerald, L.P. group of companies, which includes BGC Group, Inc., Cantor Fitzgerald & Co., and Newmark Group, Inc.

Prior to joining Cantor Fitzgerald in 1993, Mr. Merkel was Vice President and Assistant General Counsel at Goldman Sachs & Co., dedicated to the J. Aron Division. Before that, he was an associate with the law firm of Paul, Weiss, Rifkind, Wharton & Garrison. He also served as a law clerk for the Honorable Irving R. Kaufman of the U.S. Court of Appeals for the Second Circuit. Mr. Merkel received a Bachelor’s degree with a major in History and Sociology of Science from the University of Pennsylvania and received his law degree from the University of Michigan Law School.

Mr. Merkel is currently on the Board of Trustees for the Brooklyn Botanic Garden and on the Board of Directors of the Brooklyn Bridge Park Corporation. He was a founding member of the Wholesale Markets Brokers’ Association for the Americas. Mr. Merkel lives with his wife, Robin Shanus, and has three adult children, David, Gabe and Leo.

Brandon Lutnick is the Chairman of Cantor Fitzgerald, L.P. and is a member of the Board of Directors of BGC Group, Inc.

Most recently, Mr. Lutnick worked as an Executive at Cantor Fitzgerald, driving the firm’s corporate strategy and overseeing projects related to the company and its affiliates. He also serves as the Chairman and Chief Executive Officer for Cantor Fitzgerald’s Special Purpose Acquisition Companies, including Cantor Equity Partners, Inc. and Cantor Equity Partners I, Inc.
Mr. Lutnick joined Cantor in 2022 in equity sales and trading. He began his career as a credit analyst at Oak Hill Advisors.

Mr. Lutnick graduated with a Bachelor of Science in Symbolic Systems from Stanford University.

Howard Lutnick Confirmed as 41st United States Secretary of Commerce; Steps Down as BGC Group Chairman of the Board and Chief Executive Officer

BGC Group, a leading global brokerage and financial technology company, announced Howard W. Lutnick, Chairman and Chief Executive Officer, has been confirmed by the United States Senate as the 41st Secretary of Commerce and, as a result, has stepped down as Chairman of the Board and from his executive positions at the Company.

As a resilient and visionary leader, Mr. Lutnick built BGC into the world’s most valuable wholesale financial services intermediary, with more than 4,000 employees worldwide, revenues exceeding $2.25 billion, and a market capitalization of approximately $4.5 billion. Under his leadership, the Company established itself as a pioneer in electronic trading solutions, which included the automation of the U.S. Treasury market – the largest bond market in the world.

“Howard is a visionary leader with an exceptional ability to identify opportunities and challenges that others overlook,” said Linda Bell, a Member of the Board of Directors, commented on behalf of the Board. “With a strategic view of the entire market landscape, he made decisive moves that others might have missed, positioning BGC ahead of industry trends. We are deeply grateful for his relentless drive and forward-thinking approach, which have enabled BGC to adapt and thrive in a constantly evolving market.”

Most recently, to drive competition in the U.S. derivatives markets, Mr. Lutnick launched FMX, the premier U.S. Treasury and U.S. interest rate futures trading marketplace together with ten of the world’s leading global investment banks and market-making firms.

Mr. Lutnick has agreed to divest his interests in BGC to comply with U.S. government ethics rules and does not expect any arrangement which involves selling shares on the open market.

In separate releases, BGC today announced additional Executive and Board changes. Please visit ir.bgcg.com

BIOGRAPHY

Mr. Lutnick joined Cantor Fitzgerald in 1983 and rose rapidly through the ranks to be appointed President and CEO in 1991, at the age of 29. Five years later he was named Chairman. On September 11, 2001, when terrorists attacked the World Trade Center, Cantor Fitzgerald lost 658 of its 960 New York-based employees, including Mr. Lutnick’s brother Gary. In the days after the attack, he launched the Cantor Fitzgerald Relief Fund, which donated $180 million to families of his coworkers who died on 9/11. He has personally donated more than $100 million to victims of terrorism, natural disasters, and other emergencies around the world.

Mr. Lutnick emerged from these events with an indomitable sense of purpose – to rebuild the firm to honor those lost and support the survivors and their families. In 2004, Cantor Fitzgerald spun out its wholesale brokerage business to create BGC Partners, L.P. As Chairman and CEO, he led the merger of BGC Partners and eSpeed in 2008, forming BGC Partners, Inc., which was publicly listed on the Nasdaq. The Company was renamed BGC Group, Inc. following the firm’s corporate conversion in 2023.

Mr. Lutnick most recently served on the Board of Directors of the National September 11 Memorial & Museum and Weill Cornell Medicine. He is a recipient of the Department of the Navy’s Distinguished Public Service Award, the highest honor granted to non-military personnel by the Navy.

Source: BGC