BGC Group's Howard Lutnick nominated for U.S. Secretary of Commerce; will step down from my positions at Cantor, BGC, and Newmark (NMRK) (10.16)
- "Upon U.S. Senate confirmation, I will step down from my positions at Cantor, BGC, and Newmark. I intend to divest my interests in these companies to comply with U.S. government ethics rules and do not expect any arrangement which involves selling shares on the open market.
- I have full confidence in my exceptional management team at BGC. I have met with the Board of Directors and informed them that I expect to recommend that John Abularrage, Jean-Pierre Aubin, and Sean Windeatt be named Co-CEOs of BGC effective upon my confirmation. I am certain they will continue to drive our success, upholding the best interests of our clients, investors, and employees."
- BGC expects no changes to its existing corporate structure and expects to disclose further details at a later date."