NEW
YORK, Feb. 18, 2025 /PRNewswire/ -- BGC
Group, Inc. (Nasdaq: BGC) ("BGC" or the "Company"), a leading
global brokerage and financial technology company, today 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.
About BGC Group, Inc.
BGC Group, Inc. (Nasdaq: BGC) is
a leading global marketplace, data, and financial technology
services company for a broad range of products, including fixed
income, foreign exchange, energy, commodities, shipping, equities,
and now includes the FMX Futures Exchange. BGC's clients are many
of the world's largest banks, broker-dealers, investment banks,
trading firms, hedge funds, governments, corporations, and
investment firms.
BGC and leading global investment banks and market making firms
have partnered to create FMX, part of the BGC Group of companies,
which includes a U.S. interest rate futures exchange, spot foreign
exchange platform and the world's fastest growing U.S. cash
treasuries platform.
For more information about BGC, please visit www.bgcg.com.
Discussion of Forward-Looking Statements about
BGC
Statements in this document regarding BGC that are
not historical facts are "forward-looking statements" that involve
risks and uncertainties, which could cause actual results to differ
from those contained in the forward-looking statements. These
include statements about the Company's business, results, financial
position, liquidity and outlook, which may constitute
forward-looking statements and are subject to the risk that the
actual impact may differ, possibly materially, from what is
currently expected. Except as required by law, BGC undertakes no
obligation to update any forward-looking statements. For a
discussion of additional risks and uncertainties, which could cause
actual results to differ from those contained in the
forward-looking statements, see BGC's Securities and Exchange
Commission ("SEC") filings, including, but not limited to, the risk
factors and Special Note on Forward-Looking Information set forth
in these filings and any updates to such risk factors and Special
Note on Forward-Looking Information contained in subsequent reports
on Form 10-K, Form 10-Q or Form 8-K.
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SOURCE BGC Group, Inc.
