John Abularrage likely to succeed Lutnick as BGC CEO, Piper Sandler says

Bgc

20/11/2024 11:31

** Piper Sandler says BGC Group's  BGC.O  Americas head John
Abularrage is likely to succeed billionaire Howard Lutnick as
brokerage firm's CEO
    ** President-elect Donald Trump on Tuesday picked Wall
Street veteran Lutnick to lead his trade and tariff strategy as
head of the Commerce Department
    ** BGC shares fell over 10% earlier on Tuesday after initial
reports of a potential nomination, but closed the day down just
2.6%
    ** Piper Sandler says investors are curious about what this
nomination could mean for BGC shares if CEO Lutnick is forced to
divest his ownership
    ** Adds it is hard to foresee what will be legally required
of Lutnick, but believes there are various ways to avoid an
outright sale of his direct ownership stake

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))