Schapiro's next gig looks to be at GE

Former SEC chairman's nomination will be voted on by shareholders on April 24

Mar 11, 2013 @ 4:42 pm

By Andrew Osterland

People, regulation
+ Zoom
(Bloomberg)

Mary Schapiro, the former chairman of the Securities and Exchange Commission, has been nominated to the board of directors of General Electric Co.

Ms. Schapiro, a longtime securities regulator, served as SEC chairman from January 2009 through December 2012 — a period during which unprecedented demands were placed on the agency following the financial crisis. Ms. Shapiro resigned from the SEC a year before her term was to expire.

“Mary Schapiro will bring valuable expertise to GE, particularly with her experience overseeing U.S. financial markets,” said Jeffrey Immelt, the company's chairman and chief executive. “Her understanding of corporate governance and financial regulation will be of great benefit to GE and its shareowners.”

In 1988, Ms. Schapiro was appointed to the SEC at the age of 33 by President Ronald Reagan and was reappointed by George H. W. Bush a year later. She served briefly as acting chairman of the agency before being appointed chairman of the Commodity Futures Trading Commission in 1994. She joined the regulatory arm of the National Association of Securities Dealers as president in 1996 and oversaw the merger of that organization with the regulatory arm of the New York Stock Exchange to form the Financial Industry Regulatory Authority Inc. in 2007, becoming head of the new entity.

Ms. Schapiro's nomination to the GE board will be voted on by shareholders on April 24. If elected, she will be paid $250,000 annually, compared with the $163,000 salary she reportedly made at the SEC. Seth Martin, a spokesman for GE, said the company would not determine board committee memberships until after the election of directors.

Elisse Walter, a Democratic commissioner at the SEC, was appointed chairman of the agency after Ms. Schapiro announced her departure. Mary Jo White, a former federal prosecutor now a partner with the law firm Debevoise & Plimpton LLP, is undergoing Senate confirmation hearings for the position.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

INTV

Women's retirement needs and the opportunity they present for advisers

Assistant managing editor Lorie Konish speaks with contributing editor Mary Beth Franklin about the unique planning considerations for women as they prepare for income needs later in life.

Latest news & opinion

Fiduciary advocates press CFP Board for specifics on standards changes

Meanwhile, few brokerages and their trade associations, which blasted the DOL's fiduciary rule in comment letters, are responding to the CFP Board's proposal.

Big gains attract new money to emerging markets, but should investors stay?

An estimated $6.7 billion has flowed into emerging-market stock funds and ETFs so far this year, according to Morningstar.

Attorney blasts Finra after regulator loses insider trading case

Lawyer says it was 'slimy' of Finra to publicize the case while it was still being litigated.

Will Jeffrey Gundlach's Trump-like approach on Twitter work in financial services?

The DoubleLine CEO's attacks on Wall Street Journal reporters is igniting a discussion on what's fair game on social media.

Fidelity wins arb case against wine mogul but earns a rebuke from Finra

In the case of investor Peter Deutsch, Fidelity doesn't have to pay any compensation, but regulator said firm put its interests ahead of his.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print