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Howard Lutnick, president and chief executive of Cantor Fitzgerald & Co., has assumed the helm of the partnership that runs the firm, as a result of the failing health of his mentor B. Gerald (Bernie) Cantor, the founder of the firm. Under a special transition plan put in place last week, CF Group Management, which Lutnick heads, will succeed Cantor Fitzgerald Inc. as managing general partner of the Cantor partnership.
A Cantor spokesperson said the event unfolded according to well-laid plans: "The change was made in accordance with the terms of the partnership agreement and with the succession and management transition plan that Cantor has crafted several years ago," said Debra Walton,...