BGC Finance Chief Sadler to Step Down Amid Battle Over GFISteve Dickson
BGC Partners Inc., the brokerage trying to acquire interdealer broker GFI Group Inc., said Chief Financial Officer Graham Sadler will step down.
The search for a replacement will begin immediately, and Sadler will stay until one is found, New York-based BGC said Wednesday in a statement.
“Graham has been with us for more than six years and represents a key part of our senior management team,” Chief Executive Officer Howard Lutnick said in the statement. “His financial acumen, industry expertise, and dedication to BGC have made him a tremendous asset.”
Lutnick, 53, is close to winning the support of 45 percent of GFI shareholders, the amount he said BGC needs to complete a hostile offer for the company. He appeared to have won a six-month bidding war when exchange operator CME Group Inc. withdrew its takeover bid for GFI on Jan. 30. The deadline for the BGC offer is Feb. 19.
Lutnick, who also runs brokerage Cantor Fitzgerald LP, is trying to acquire GFI to consolidate the shrinking interdealer-brokerage business, which handles large trades between banks.
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