Asset Management

BGC Group Executive Compensation (FY25)

Name: BGC Group (BGC) executive compensation
Creator: Velarion
License: https://intel.velarion.ai/terms

BGC · Executive and director compensation, fiscal 2022 to 2025

Chief executive, fiscal 2025

◇

John Abularrage

Median of the other named officers

$3,000,000

5 officers, excluding the chief executive

Latest say-on-pay support

November 12, 2025

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Data as of November 3, 2026Latest filing (DEF 14A): October 8, 2026

12 filings cited on this page

Method: intel.velarion.ai/methodology

A report that fails to generate is refunded in full

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207 figures on this page: 200 cited to the filing that reported them, 7 calculated from figures it prints. See the citations

What changed from fiscal 2024 to fiscal 2025

The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.

Chief executive of record: Howard Lutnick → John Abularrage

Frequently asked questions

Answers drawn from the data on this page.

Who is BGC Group's chief executive and what were they paid?

John Abularrage, Co-Chief Executive Officer, received $11,066,057 in total compensation for fiscal 2025.

What was BGC Group's say-on-pay result?

The say-on-pay proposal drew 93.6% of votes cast for or against in favor at the meeting held November 12, 2025 for fiscal 2024.

Which companies are in BGC Group's peer group?

The disclosed peer group names CME Group, Inc., Evercore Inc., Houlihan Lokey, Inc., Interactive Brokers Group, Inc. and Intercontinental Exchange, Inc., among others.

Executive compensation

Every element reported for each named executive officer, by fiscal year.

Fiscal 2022

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Howard Lutnick Former Chairman of the Board of Directors and Chief Executive Officer	◇	—	—	—	◇	—	—	◇
Sean Windeatt Chief Operating Officer	◇	—	—	—	◇	—	—	◇
Sean Merkel President and Chief Legal Officer	◇	—	—	—	◇	—	—	◇
Stephen Merkel Executive Vice President and General Counsel	◇	—	—	—	◇	—	—	◇
Jason Hauf Chief Financial Officer	◇	—	—	—	◇	—	—	◇
Steven Bisgay Former Chief Financial Officer(6) Departed during or after this year	◇	—	—	—	◇	—	—	◇

Fiscal 2023

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Howard Lutnick Former Chairman of the Board of Directors and Chief Executive Officer	◇	—	◇	—	◇	—	—	◇
Shaun Windeatt Chief Operating Officer	◇	—	◇	—	◇	—	◇	◇
Sean Windeatt Chief Operating Officer	◇	—	◇	—	◇	—	◇	◇
Stephen Merkel President and Chief Legal Officer	◇	—	—	—	◇	—	—	◇
Sean Merkel President and Chief Legal Officer	◇	—	—	—	◇	—	—	◇
Jason Hauf Chief Financial Officer	◇	—	—	—	◇	—	—	◇

Fiscal 2024

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Howard Lutnick Former Chairman of the Board of Directors and Chief Executive Officer	◇	—	—	—	◇	—	—	◇
Sean Windeatt Chief Operating Officer	◇	—	—	—	◇	—	—	◇
Stephen Merkel Executive Vice President and General Counsel	◇	—	—	—	◇	—	—	◇
Jason Hauf Chief Financial Officer	◇	—	—	—	◇	—	—	◇

Fiscal 2025

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
John Abularrage Co-Chief Executive Officer	◇	◇	◇	—	◇	—	—	◇
JP Aubin Co-Chief Executive Officer	◇	—	◇	—	◇	—	◇	◇
Sean Windeatt Co-Chief Executive Officer (7)	◇	◇	—	—	◇	—	—	◇
Stephen Merkel Executive Vice President and General Counsel	◇	—	—	—	◇	—	—	◇
Howard Lutnick Former Chairman of the Board and Chief Executive Officer Departed during or after this year	◇	—	◇	—	—	—	—	◇
Jason Hauf Chief Financial Officer	◇	—	◇	—	◇	—	—	◇

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.

Fiscal 2025

Officer	Award	Grant date	Threshold units	Target units	Units granted	Maximum units	Exercise price	Grant date fair value
Howard W. Lutnick	RSU	◇	—	—	◇	—	—	◇
Jason W. Hauf	RSU	◇	—	—	◇	—	—	◇
John J. Abularrage	RSU	◇	—	—	◇	—	—	◇
JP Aubin	RSU	◇	—	—	◇	—	—	◇

Fiscal 2022, 2024 are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.

As disclosed at fiscal 2025 year end

Officer	Award	Unvested units	Market value of unvested units	Exercise price	Expires
JP Aubin	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
John Abularrage	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
Sean Windeatt	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
Stephen Merkel	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
Jason Hauf	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—
	RSU	◇	◇	—	—

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.

Howard Lutnick

Former Chairman of the Board and Chief Executive Officer · Terms as described in the company’s compensation discussion

Severance multiple	◇
Change-in-control multiple	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇

John Abularrage

Co-Chief Executive Officer · Employment agreement

Non-compete period	◇
Non-solicit period	◇

JP Aubin

Co-Chief Executive Officer · Employment agreement

Non-compete period	◇
Non-solicit period	◇

Sean Windeatt

Chief Executive Officer · Employment agreement

Severance multiple	◇
Change-in-control multiple	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇
Non-compete period	◇
Non-solicit period	◇

Stephen Merkel

General Counsel · Change-in-control agreement

Severance multiple	◇
Change-in-control multiple	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇

Director compensation

What each non-employee director was paid.

Fiscal 2025

Director	Fees earned in cash	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Arthur U. Mbanefo	◇	◇	—	—	—	—	◇
Linda A. Bell	◇	◇	—	—	—	—	◇
William Addas	◇	◇	—	—	—	—	◇
David P. Richards	◇	◇	—	—	—	—	◇

Stephen M. Merkel and Brandon G. Lutnick served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.

Earlier years are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.

Board cash retainer	◇
Board equity retainer	◇
Total board retainer	◇

Equity is delivered as restricted stock units.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

Fiscal 2025

CME Group, Inc. CME
Evercore Inc. EVR
Houlihan Lokey, Inc. HLI
Interactive Brokers Group, Inc. IBKR
Intercontinental Exchange, Inc. ICE
Lazard, Inc. LAZ
LPL Financial Holdings Inc. LPLA
MarketAxess Holdings, Inc. MKTX
Nasdaq, Inc. NDAQ
Oppenheimer Holdings Inc. OPY
Piper Sandler Companies PIPR
Raymond James Financial, Inc. RJF
Stifel Financial Corp. SF
The Charles Schwab Corporation SCHW
Tradeweb Markets Inc. TW
Virtu Financial, Inc. VIRT

Say-on-pay history

Shareholder support for the compensation program, by year.

Year	Meeting	Support	Votes for	Votes against	Abstentions
2024	November 12, 2025	=	◇	◇	◇
2023	September 16, 2024	=	◇	◇	◇
2022	November 14, 2023	=	◇	◇	◇
2021	December 30, 2022	=	◇	◇	◇
2020	November 22, 2021	=	◇	◇	◇
2019	June 11, 2020	=	◇	◇	◇
2016	June 6, 2017	=	◇	◇	◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”

- Sean Windeatt (Co-Chief Executive Officer (7)), FY2025 total compensation $8,036,938 (base salary $1,003,125) [exec_comp, SEC accession 0001213900-26-107974, filed 2026-10-08]

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What this page does not include

Everything above is a fact BGC Group disclosed, and it is free. Everything below is our analysis of those facts, and it is not.

Peer benchmarking

Where BGC Group sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.

Executive Compensation Report — $500

Written compensation analysis

A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.

Executive Compensation Report — $500

Board and governance analysis

Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.

Board Governance Report — $500

Realizable pay

What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.

Velarion Intelligence

Adviser switching and vote outcomes

Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.

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Multiple companies at once

Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.

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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.

207 figures on this page: 200 cited to the filing that reported them, 7 calculated from figures it prints.

200 cited to the filing

7 calculated from the filing

Documents cited

DEF 14A, filed October 8, 2026
0001213900-26-107974
8-K, filed November 13, 2025
0001213900-25-110021
Proposal 3 – Approval, on an advisory basis, of executive compensation For Against Abstain Broker Non- Votes
DEF 14A, filed September 30, 2025
0001213900-25-093426
Compensation Discussion and Analysis
8-K, filed September 17, 2024
0001213900-24-079456
Proposal 3 – Approval, on an advisory basis, of executive compensation For Against Abstain Broker Non- Votes
DEF 14A, filed August 2, 2024
0001213900-24-064363
Summary Compensation Table
8-K, filed November 16, 2023
0001193125-23-278807
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed September 28, 2023
0001193125-23-244759
Summary Compensation Table
8-K, filed December 30, 2022
0001193125-22-315504
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed November 23, 2021
0001628280-21-024050
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed June 12, 2020
0001564590-20-029193
8-K, filed June 9, 2017
0001193125-17-200037
Item 5.07 Submission of Matters to a Vote of Security Holders
Filing

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Velarion, “BGC Group executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/BGC (accessed 2026).

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12 filings cited on this page

Method: intel.velarion.ai/methodology

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Published by Velarion Company Intelligence

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Asset Management rankings

Chief executive pay — Asset Management CEO pay ratio — Asset Management Say-on-pay support — Asset Management

Peers BGC Group discloses

The companies named in BGC's own disclosed peer group.

CME Group, Inc.Evercore Inc.Houlihan Lokey, Inc.Interactive Brokers Group, Inc.Intercontinental Exchange, Inc.Lazard, Inc.LPL Financial Holdings Inc.MarketAxess Holdings, Inc.Nasdaq, Inc.Oppenheimer Holdings Inc.Piper Sandler Companies Raymond James Financial, Inc.Stifel Financial Corp.The Charles Schwab Corporation Tradeweb Markets Inc.Virtu Financial, Inc.

Terms on this page

Say-on-Pay Vote CEO Pay Ratio Median Employee Compensation All companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data

APA

Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854

BibTeX

@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}