William Addas
About William Addas
Independent director of BGC since July 2023; age 65 as of the latest proxy. Career background includes senior investment banking leadership at BofA Securities (Co‑Head Global FIG 2021–2023; Co‑Head Americas FIG 2019–2021; Head of Specialty Finance 2018–2019), prior MD roles at Deutsche Bank, Credit Suisse, DLJ, and NatWest Markets Securities, and earlier legal practice at Manatt, Phelps, Phillips, Rothenberg and Tunney and Wasserstein Perella. Education: BA, Brandeis University; JD, George Washington University Law School. Designated as an audit committee financial expert and serves on Audit, Compensation, and Corporate Responsibility committees; joined the board of Rithm Capital Corp. in November 2024 .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| BofA Securities, Inc. | Co‑Head Global Financial Institutions Group | 2021–2023 | — |
| BofA Securities, Inc. | Co‑Head Americas Financial Institutions Group | 2019–2021 | — |
| BofA Securities, Inc. | Head of Specialty Finance | 2018–2019 | — |
| Deutsche Bank | MD & Head of Financial Technology and Specialty Finance | 2003–2008 | — |
| Delta Financial Corp. | Director | 2005–2006 | — |
| Credit Suisse & Donaldson, Lufkin & Jenrette | Managing Director | 1996–2003 | — |
| NatWest Markets Securities | Director | 1993–1996 | — |
| Manatt, Phelps, Phillips, Rothenberg and Tunney | Associate → Partner (Attorney) | 1984–1992 | — |
| Wasserstein Perella | Associate (Attorney) | 1984–1992 | — |
External Roles
| Organization | Role | Start Date | Notes |
|---|---|---|---|
| Rithm Capital Corp. | Director | Nov 2024 | Current public company directorship |
Board Governance
- Committees: Audit, Compensation, and Corporate Responsibility; all committees comprised solely of independent directors; Audit chaired by Arthur U. Mbanefo; Compensation chaired by Linda A. Bell; Corporate Responsibility chaired by Arthur U. Mbanefo .
- Attendance: Board held 15 meetings in 2024; independent directors (including Addas) attended 100% of Board and committee meetings of which they were members (except Mbanefo >90%) .
- Committee activity: Audit Committee held 14 meetings in 2024; Compensation Committee 11; Corporate Responsibility Committee six .
- Audit oversight: Audit Committee pre‑approves audit and permitted non‑audit services and oversees related‑party transactions, ERM, Code of Ethics compliance, and Whistleblower Policy administration .
- Independence and expertise: Addas qualifies as independent under Nasdaq rules and as an audit committee financial expert under SEC rules .
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Annual cash retainer | $100,000 | Non‑employee director policy |
| Chair stipends | $15,000 (Comp), $25,000 (Audit), $15,000 (ESG/Corporate Responsibility) | Paid to committee chairs |
| Meeting fees | $2,000 per Board meeting; $1,000 per committee meeting; max $3,000 per date | Applies to meetings attended in person or by phone |
| Per diem for special services | $1,000/day; cap $5,000 per matter | For directed additional work (e.g., interviews, diversity recruiting) |
| One‑time stipend (2023) | $10,000 | Corporate Conversion review and reconstitution work |
| Non‑Employee Director Compensation (Actual) | 2023 | 2024 |
|---|---|---|
| Fees Earned or Paid in Cash ($) | $217,000 | $147,000 |
| Stock Awards ($) | $120,000 | $50,000 |
| Option Awards ($) | — | — |
| Total ($) | $337,000 | $197,000 |
Performance Compensation
| Equity Award Detail | Grant Date | Number of RSUs | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| Initial RSU grant upon appointment | 2023 (appointment) | 14,285 | $70,000 (policy amount) | 50% on each of first two anniversaries |
| Annual RSU grant (2023) | Nov 14, 2023 | — | $50,000 | 50% on each of first two anniversaries |
| Annual RSU grant (2024) | Sept 16, 2024 | — | $50,000 | 50% on each of first two anniversaries |
| Options | N/A | — | — | No options granted in 2023/2024 |
The company does not currently grant option‑like instruments to directors; no director options outstanding as of 2023/2024 .
Other Directorships & Interlocks
| Entity | Relationship | Overlap/Interlock Detail |
|---|---|---|
| Compensation Committee Interlocks | None requiring disclosure | 2023 and 2024 Compensation Committees comprised of independent directors; no relationships requiring disclosure under SEC rules |
| Newmark (context) | H. Lutnick served on board | Not on Newmark compensation committee; not an Addas interlock |
Expertise & Qualifications
- Board skills matrix highlights Addas’ Finance/Accounting, Risk Management, Global Business, M&A, Brokerage, and senior leadership experience; designated as an audit committee financial expert .
- Qualifications include broad financial services and general business experience; ethics and integrity emphasized in matrix .
Equity Ownership
| Beneficial Ownership (as of Sept 16, 2025) | Class A Shares | % of Class A Outstanding | Breakdown |
|---|---|---|---|
| William Addas | 24,682 | * | 20,745 shares held directly; 3,937 shares receivable pursuant to 3,937 RSUs |
| RSUs Outstanding | 2023 (Dec 31) | 2024 (Dec 31) | 2025 (Sept 16) |
|---|---|---|---|
| RSUs held | 22,159 | 16,126 | 3,937 |
- Hedging/Pledging: Company policy prohibits hedging by insiders; no pledging disclosed for Addas. Cantor Fitzgerald maintains a separate pledge of 10,000,000 shares in a partner loan program (firm‑level, not Addas) .
Governance Assessment
- Independence and engagement: Addas serves on three key committees (Audit, Compensation, Corporate Responsibility), is independent under Nasdaq and an SEC‑recognized audit committee financial expert, and had 100% attendance in 2024—supportive of board effectiveness .
- Compensation mix: Director pay emphasizes fixed cash (retainer and meeting fees) plus annual time‑vested RSUs; no options granted in 2023/2024—moderate risk profile and alignment via equity, though meeting/per‑diem fees can increase cash compensation with higher meeting cadence .
- Ownership alignment: Direct and RSU holdings are modest (<1% ownership), consistent with typical non‑employee director levels; RSU vesting over two years enhances retention but lacks performance criteria .
- Interlocks/conflicts: Compensation Committee interlocks report indicates no relationships requiring disclosure; Audit Committee pre‑approves related‑party transactions, and governance policies include strict conflict‑management and whistleblower procedures—reducing conflict risk .
- RED FLAGS to monitor: Cash meeting/per‑diem structure (potential incentive for increased meeting activity) and one‑time 2023 conversion stipend (non‑recurring but above normal practice); otherwise, no pledging, option repricing, or related‑party transactions involving Addas disclosed .