Brandon Lutnick will also
join the Board
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
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.
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.
