BGC repurchases shares from former CEO Lutnick, ending his ownership and aligning with U.S. government ethics agreement requirements.
BGC repurchases shares from former CEO Lutnick, ending his ownership and aligning with U.S. government ethics agreement requirements.
BGC Group has confirmed the repurchases of 16,452,850 shares of its Class A common stock from Howard W. Lutnick, the United States Secretary of Commerce, and the company’s former Chairman and CEO. BGC acquired the shares for $9.2082 each, matching the volume-weighted average price on May 14th, 15th, and 16th, 2025, on the Nasdaq Global Select Market.
In total, BGC will pay $151.5 million for the repurchase, aligning with Mr. Lutnick’s U.S. government ethics agreement. By completing this transaction, BGC has taken a firm step toward returning value to its shareholders. Jason Hauf, Chief Financial Officer at BGC, stated, “Repurchasing more than 16.4 million of our shares demonstrates our commitment to shareholder capital return.”
He further added, “Given our record first quarter results and anticipated strong cash flow generation this year, we believe buying back our shares in this highly efficient manner is a great use of our capital that delivers strong value creation to our shareholders.”
Meanwhile, Mr. Lutnick has also agreed to transfer his ownership interest in Cantor Fitzgerald to trusts benefiting his adult children, including Brandon G. Lutnick, Chairman and CEO of Cantor Fitzgerald, and Kyle S. Lutnick, Executive Vice Chairman. Brandon Lutnick, the controlling trustee, will oversee these trusts.
The Cantor Fitzgerald transactions are expected to close in the third quarter of 2025, pending regulatory approvals. BGC will conclude the sale of 16,115,102 shares today, while it will sell an additional 337,748 retirement account shares immediately after completing the Cantor Fitzgerald transactions.
In addition, Mr. Lutnick has agreed to sell his 8,973,721 BGC Class B shares to Cantor Fitzgerald, with that transaction also scheduled to close after the Cantor deals finalize. As of May 16, 2025, Mr. Lutnick will relinquish all economic interests in BGC. These decisions effectively remove his ownership, voting, and financial ties to the company, ensuring full compliance with his government ethics obligations. Despite these changes, Cantor Fitzgerald will remain BGC’s largest and controlling shareholder.
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