John Abularrage
About John Abularrage
John J. Abularrage, 48, is Co-Chief Executive Officer of BGC (since February 18, 2025) and previously CEO of the Americas (since 2021). He joined BGC in 2021 after senior roles at TP ICAP (2011–2021; CEO of the Americas and Head of Global Broking) and Collins Stewart (2000–2011; CEO of North America, previously Head of Equities). He earned a B.S.B.A. from Georgetown University’s McDonough School of Business in 1999 . Under the co-leadership of Abularrage, JP Aubin, and Sean Windeatt, BGC delivered “double-digit” revenue growth and record 2024 revenues of more than $2.25 billion .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| BGC Group | Co-Chief Executive Officer | 2025–present | Co-led company after CEO transition; continued executing proven growth strategy . |
| BGC Group | Chief Executive Officer, Americas; Global Co-Head of Financial Services Brokerage | 2021–2025 | Helped drive day-to-day operations and strategy; contributed to record 2024 revenues >$2.25B . |
| TP ICAP Group plc | CEO of the Americas; Head of Global Broking; other senior roles | 2011–2021 | Led large broking platforms across regions/products . |
| Collins Stewart, Inc. | CEO of North America; Head of Equities | 2000–2011 | Built and managed equities franchise in North America . |
External Roles
No public company directorships or external board roles for Abularrage were disclosed in BGC’s 2025 proxy or the February 19, 2025 Form 8-K biographies reviewed .
Fixed Compensation
| Component | Terms | Effective/Decision Timing |
|---|---|---|
| Base Salary | $750,000 per year . | Approved Feb 18, 2025 in amended agreement . |
| Guaranteed Annual Bonus | $2,500,000 per year (conditioned on “Good Standing”) . | Paid on normal cycle; up to 25% may be in RSUs with 5-year ratable vest . |
| Equity delivery of fixed comp | Board may deliver up to 25% of Guaranteed Total Compensation (salary + guaranteed bonus) as RSUs vesting 1/5 annually over 5 years . | Determined annually by Compensation Committee . |
Peer group context (base pay philosophy): Committee reviews peers including CME, ICE, Nasdaq, MarketAxess, Tradeweb, TP ICAP, Virtu, etc., but does not benchmark to a specific percentile .
Performance Compensation
Company Incentive Plan Eligibility (2025)
| Metric/Goal | Weighting | Payout opportunity | Vesting/Form | Notes |
|---|---|---|---|---|
| 2025 operating profits or Adjusted Earnings achieved | Discretionary (no fixed weights) . | Up to $25 million per executive under plan cap . | Cash, Class A shares, or other equity under Equity Plan . | Committee may reduce amounts; retains discretion, including tax deductibility . |
| Revenue/volume growth vs peers/industry | Discretionary . | Same as above | Same as above | Based on 2025 vs 2024; peers per latest available . |
| Market penetration into new markets/geographies | Discretionary . | Same as above | Same as above | 2025 vs 2024 . |
| Revenue diversification across products/businesses | Discretionary . | Same as above | Same as above | 2025 vs 2024 . |
| M&A/JV/dispositions (material, significant, accretive, strategic) | Discretionary . | Same as above | Same as above | Committee-recognized . |
| Strategic hiring/retention/development | Discretionary . | Same as above | Same as above | In competitive market conditions . |
| Other strategic/significant performance | Discretionary . | Same as above | Same as above | Committee discretion . |
Abularrage Amended Bonus Pool Letter (performance-tied)
| Element | Terms |
|---|---|
| Pool coverage | “Core Business,” Americas Acquisitions, and Portfolio Match businesses (as defined) –. |
| Individual allocation | 75% of calculated Bonus Pool (“Pool Allocation”) . |
| Bonus Pool formula | Bonus Pool = (Bonus Pool Payout Rate × “Bonus PBT”) + 5% of incremental Portfolio Match PBT above $15,000,000 (subject to $15M Total Contractual Compensation cap) –. |
| Tiered Payout Rates | 10% of Bonus PBT up to total comp of $10M; 7.5% for next $2.5M; 5% for next $2.5M; total comp capped at $15M –. |
| Deficit carryforward | Negative Bonus PBT carries forward and offsets future periods dollar-for-dollar until fully offset . |
| RSU delivery | Up to 25% of bonus may be in RSUs, vesting ratably over 5 years (Committee discretion) . |
| Eligibility condition | Must be in “Good Standing” at award/vesting/payment dates (with specified exceptions) . |
| Example disclosure | Letter includes worked example of $250M Bonus PBT scenario . |
Equity Ownership & Alignment
| Item | Value/Policy | Source |
|---|---|---|
| Class A shares owned (direct) | 114,147 shares . | 2025 DEF 14A. |
| Shares outstanding (Class A) | 363,180,595 as of Sept 16, 2025 . | 2025 DEF 14A. |
| Ownership as % of Class A | ~0.031% (114,147 / 363,180,595) . | Calculated from cited figures. |
| RSU holdings | Executive officers including Abularrage hold RSUs; awards have extended vesting and are considered highly retentive . | 2025 DEF 14A. |
| Hedging policy | Hedging of BGC equity by directors, officers, employees prohibited absent Audit Committee approval . | 2025 DEF 14A. |
| Insider trading controls | Pre-clearance required for directors/executive officers; Rule 10b5-1 plan approval required . | 2025 DEF 14A. |
Note: No explicit pledging prohibition was identified in the reviewed sections; company highlights anti-hedging and insider trading preclearance .
Employment Terms
| Term | Detail |
|---|---|
| Agreement | Amended and Restated Employment Agreement effective February 18, 2025 –. |
| Title | Co-Global Head of Financial Services Brokerage and senior leadership capacity as determined by Board; Co-CEO role disclosed by Board – . |
| Term length/expiration | Through at least December 31, 2034; continues thereafter unless either party gives 36 months’ notice (may terminate at end of initial term if 36 months’ prior notice) . |
| Base/Guaranteed comp | $750,000 salary; $2,500,000 guaranteed annual bonus (subject to “Good Standing”); up to 25% of total may be RSUs with 5-year ratable vest –. |
| RSU continued vesting on notice-based end of term | RSUs granted under the agreement continue vesting for 1 year post-term, or 2 years if he received at least $3,250,000 in excess of guaranteed comp (including prior signing bonus), subject to compliance and no material breach . |
| Non-compete | During employment and 1 year post-termination (2 years if excess $3.25M cash comp threshold met); BGC pays monthly an amount equal to 1/12 of annualized salary during Restrictive Period, subject to compliance . |
| Non-solicit (clients) | 1 year post-termination (2 years if excess $3.25M threshold); employees: 3 years –. |
| Good Standing definition | Detailed conditions including employment status, cooperation, no material breach, and no “Cause”; governs eligibility for guaranteed bonus and awards . |
| Dispute resolution, law | Dispute Resolution Policy applies; governed by New York law –. |
Compensation Structure Analysis
-
Mix and delivery mechanics:
- Guaranteed cash ($3.25M) with ability to settle up to 25% in RSUs (5-year ratable vest) increases long-term equity exposure and defers income, enhancing retention .
- Performance pay layered across: (a) corporate Incentive Plan (up to $25M, discretionary multi-factor goals) and (b) Abularrage-specific Bonus Pool tied to Profit Before Tax of the Core Business, Americas Acquisitions, and Portfolio Match (capped at $15M Total Contractual Compensation), with deficit carryforwards that penalize future pool in down years –.
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Metric quality and rigor:
- Corporate Incentive Plan relies on qualitative Committee judgment across multiple growth, profitability, market penetration, diversification, M&A, and talent goals with no fixed weights, adding discretion risk .
- The Bonus Pool ties directly to PBT and includes a carryforward mechanism for deficits, promoting multi-year accountability; tiered rates and a comp cap shape payout convexity –.
-
Vesting and selling pressure:
- RSUs from both guaranteed comp and performance awards typically vest 20% per year over 5 years, smoothing supply and mitigating acute selling pressure; continued vesting post-notice for 1–2 years (subject to covenants) further reduces forced selling .
-
Governance protections:
- Anti-hedging policy; insider trading pre-clearance and 10b5-1 oversight; compensation clawback policy for incentive-based comp tied to financial reporting (effective Dec 1, 2023, retroactive to Oct 2, 2023) .
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Benchmarking and inflation risk:
- Base pay informed by a robust financial services peer set, but the company does not target a specific percentile, potentially moderating benchmarking-driven inflation .
Investment Implications
- Alignment and incentives: Large portion of at-risk compensation is explicitly tied to PBT of the Americas Core, acquisitions, and Portfolio Match, alongside multi-factor corporate goals; 5-year RSU vesting and anti-hedging improve alignment with long-term shareholders – .
- Retention risk: Long-dated employment term (through 2034), non-compete/non-solicit protections with non-compete payments, and continued RSU vesting for up to 1–2 years post-term materially reduce near-term departure risk – –.
- Payout convexity and discretion: The Bonus Pool’s cap and tiered PBT rates limit upside and embed discipline, but the separate corporate Incentive Plan’s discretion (up to $25M) introduces variability in pay-for-performance outcomes –.
- Selling pressure: Five-year ratable vesting for RSUs on both fixed and performance pay, plus potential continued vesting, points to a steady, predictable equity delivery schedule rather than lumpy sales; pre-clearance rules further manage execution risk .
- Ownership and “skin in the game”: Direct ownership of 114,147 Class A shares (~0.031% of Class A) is modest in absolute terms given BGC’s float; however, ongoing RSU exposure and prohibitions on hedging increase effective equity linkage .