BGC Group, Inc. (NASDAQ: BGC) has announced that its Chairman and Chief Executive Officer Howard W. Lutnick has been nominated by President Donald J. Trump to serve as the 41st U.S. Secretary of Commerce.
Upon U.S. Senate confirmation, Lutnick will step down from his positions at Cantor, BGC, and Newmark. He intends to divest his interests in these companies to comply with U.S. government ethics rules and does not expect any arrangement which involves selling shares on the open market.
In the event of his confirmation, Lutnick has expressed full confidence in his exceptional management team at BGC. He has informed the board of directors that he expects to recommend John Abularrage, Jean-Pierre Aubin, and Sean Windeatt to be named co-CEOs of BGC.
BGC expects no changes to its existing corporate structure and will disclose further details at a later date.
BGC Group, Inc. 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, which includes a U.S. interest rate futures exchange, spot foreign exchange platform, and the world's fastest-growing U.S. cash treasuries platform. Today the company's shares have moved 0.5% to a price of $10.16. If you want to know more, read the company's complete 8-K report here.
