Howard Lutnick plans BGC, Newmark divestiture amid Commerce role pursuit
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Howard Lutnick said Thursday he is planning to step down from financial-services firm Cantor Fitzgerald, brokerage BGC Group (NASDAQ:BGC) and property firm Newmark Group (NASDAQ:NMRK), as well as divest interests in BGC and Newmark, after President-elect Donald Trump nominated the Wall Street billionaire as Commerce secretary.
Regarding the divestitures, Lutnick said he doesn't intend to sell shares on the open market, according to separate statements issued by BGC and Newmark. Cantor Fitzgerland, of which Lutnick is CEO, is a private firm.
Lutnick said he expects to recommend that John Abularrage, Jean-Pierre Aubin, and Sean Windeatt be named co-CEOs of BGC (NASDAQ:BGC) effective upon his confirmation.
Meanwhile, Newmark (NASDAQ:NMRK) sees no changes to its existing corporate structure and expects to disclose further details at a later date.
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