JP Aubin
About JP Aubin
JP Aubin, 57, is Co-Chief Executive Officer of BGC Group, Inc. since February 18, 2025 and has served as Chief Executive Officer of EMEA since 2008; he joined BGC in 2005 after the Barclays Bank student training program and a decade trading futures and options with Viel-Tradition Group . He holds a Master’s in economics from EAD (1989) and was awarded Commandeur des Arts et des Lettres in 2023 . Company performance measures used for executive pay include Total Revenues, Fenics Revenues, pre-tax Adjusted Earnings, and TSR; compensation is not tied to rigid formulaic weights and is reviewed holistically by the Compensation Committee .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BGC Group | Co-Chief Executive Officer | 2025–present | Executive leadership of global brokerage; principal executive officer |
| BGC Group | CEO, EMEA | 2008–present | Led European expansion; oversight of EMEA business |
| BGC Group | Global Co-Head, Financial Services Brokerage | 2020–2025 | Drove brokering strategy and market penetration |
| BGC Group | Executive Managing Director | 2008–2020 | Senior operating leadership across segments |
| BGC Group | President, Continental Europe | 2005–2008 | Led acquisitions (ETC Pollak 2005; Aurel BGC 2006) and regional build-out |
| Viel-Tradition Group | President & Global Head, Listed Products (Continental Europe) | 2000–2005 | Product leadership across listed markets |
| Viel-Tradition Group | Trader (Futures & Options) | ~1990–2000 | Trading expertise in London and Paris |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Réunion des Musées Nationaux (France) | Board Member | 2015–present | Cultural governance; public engagement |
| JP Aubin Family Foundation | Founder | 2022–present | Expands children’s access to museums/culture |
| French Ministry of Culture | Commandeur des Arts et des Lettres (honor) | 2023 | National recognition for cultural contributions |
Fixed Compensation
| Component | Currency/Amount | Approx. USD | Notes |
|---|---|---|---|
| Base Salary (2025) | €705,000 | $739,439 | Effective Feb 18, 2025 under Aubin Employment Agreement |
| Housing Allowance (annual) | €240,000 | $302,892 | Provided under Employment Agreement |
| Company Car | — | — | Per Employment Agreement |
| Consultancy Fee (post-employment; U.K. Partnership) | €100,000 per year | $104,885 per year | Up to 3-year consultancy term following end of employment term |
Performance Compensation
| Metric | Weighting | Target/Criteria | Actual/Payout | Vehicle & Vesting |
|---|---|---|---|---|
| Incentive Bonus (2025 eligibility) | Not specified | Eligible up to max $25M per Incentive Plan if Company achieves 2025 Performance Goals (operating profits/Adjusted Earnings; revenue/volume growth vs peers; new market penetration; diversification; accretive M&A/JVs; strategic hires/retention; other strategic performance) | Not disclosed | Cash and/or equity at Committee’s discretion; RSUs commonly have multi-year vesting and are structured for retention |
| Equity Awards (structure) | Not specified | Committee may grant RSUs/RSAs/options per Equity Plan; design aims to align long-term value | Not disclosed | RSUs typically vest ratably over ~5 years or via specified schedules; vesting contingent on continued service and revenue thresholds in many grants |
Notes
- Executive compensation is determined holistically with no fixed weighting to specific metrics; the Committee considers peer data and strategic outcomes alongside financial performance .
Equity Ownership & Alignment
| Item | Amount | % of Shares Outstanding | Details |
|---|---|---|---|
| Class A Common Stock (beneficially owned) | 576,214 shares | <1% | Held directly as of Sept 16, 2025 |
| RSUs/Unvested Equity | Not disclosed | — | Executives, including Aubin, hold RSUs; vesting schedules are long-term and retentive |
| Pledging | None disclosed for Aubin | — | Company hedging policy prohibits hedging; pledging disclosure noted for Cantor partner loans, not for Aubin |
| Hedging | Prohibited | — | Hedging policy forbids directors/officers/employees from hedging BGC equity without Audit Committee approval |
Employment Terms
| Term | Provision | Details |
|---|---|---|
| Agreement Effective Date | Feb 18, 2025 | Amended and restated employment agreement with BGC Brokers LP |
| Term Length | Through Dec 31, 2029 | Earlier termination possible by: 2-year notice (not expiring before term end), 3 months’ notice for injury/sickness (≥6 consecutive months), or for cause |
| Non-Compete | Employment term + 2 years | Applies to “Restricted Business” as defined in agreement |
| Non-Solicit (Clients) | 12 months post-termination | As described in agreement |
| Non-Solicit (Employees) | 36 months post-termination | Applies to Company employees |
| Confidentiality | Customary | Included in employment and consultancy agreements |
| Consultancy Agreement | Up to 3 years | €100,000 per year starting upon earlier of termination date or employment term end; additional non-compete and non-solicit during/after consultancy |
| Incentive Plan Eligibility (2025) | Yes | Participating executive under Incentive Plan with max opportunity $25M; payouts discretionary and may be cash/equity |
Compensation Structure Analysis
- Equity is a core element, designed with extended vesting for retention; executives, including Aubin, hold RSUs, and equity awards often vest ratably over five years or on specified schedules tied to continued service and revenue thresholds .
- Incentive plan design emphasizes diversified performance criteria (revenues/volumes vs peers, market expansion, accretive transactions, talent strategy), with Committee discretion and potential payout in equity to increase alignment and retention; no fixed metric weights are disclosed .
- Company adopted an SEC-compliant clawback policy effective December 1, 2023 (retroactive to October 2, 2023) covering incentive-based compensation tied to financial reporting measures; discretionary/subjective goals are excluded .
Risk Indicators & Red Flags
- Hedging: Prohibited for directors and officers, reducing misalignment risk from derivative hedges .
- Clawback: Policy in place for incentive-based comp upon restatements, supporting governance and pay-for-performance integrity .
- Pledging: Proxy discloses Cantor-level pledging related to partner loan programs; no pledging disclosures for Aubin specifically .
- Related-party transactions: No Aubin-specific related party transactions disclosed; the Audit Committee pre-approves all material related-party transactions .
Investment Implications
- Alignment: Aubin’s compensation mix and RSU usage, combined with strict non-compete/non-solicit durations (up to 36 months for employees), suggest strong retention design and long-term shareholder alignment .
- Performance link: Incentive eligibility up to $25M and discretionary equity payout capacity tie compensation to multi-dimensional growth and market-share objectives, indicating potential sensitivity to BGC’s revenue, Fenics growth, and strategic M&A execution in 2025 .
- Ownership: Direct ownership of 576,214 Class A shares (less than 1%) provides baseline skin-in-the-game; broader RSU holdings are retentive but amounts are undisclosed, so monitoring future grants/vesting will be key for assessing selling pressure and alignment dynamics .
- Governance: Clawback and hedging prohibitions reduce governance risk; lack of disclosed pledging for Aubin mitigates collateral-driven sell pressure risk relative to Cantor-level pledges .