Suzanne Shank has been named acting chief executive officer of Siebert Financial Corp., the retail brokerage and capital markets firm founded by Wall Street pioneer Muriel Siebert.
Ms. Siebert died Aug. 24 at 80 as a result of complications from cancer. She was the first woman to buy a seat on the New York Stock Exchange and was a trailblazer for women on Wall Street.
Ms. Shank, 51, will assume the acting CEO role at the firm Monday. She also is CEO of municipal finance firm Siebert Brandford Shank & Co. LLC, which she co-founded in 1996 with Ms. Siebert and Napoleon Brandford.
“The Siebert Financial Corp. board has full confidence in Suzanne's ability to lead the company at this time,” said Jeanne Rosendale, executive vice president, general counsel and chief compliance officer at Siebert Financial. "They are in the midst of this transition, given the recent passing of Ms. Seibert.”
In an interview, Ms. Shanks said some of her goals in the new position will be digging into the firm's business lines to find places to make cuts and maximize profitability.
“Having worked with [Ms. Siebert] for over 16 years, I think I understand what her goals were for her business,” she said. “We often compared notes.”
She said she had always admired Ms. Siebert and was deeply saddened by her death. Ms. Siebert was always supportive of women on Wall Street and would “go with you to fight any battle,” Ms. Shank said.
Ms. Shank said she is eager to begin her role next week and has been busy reading and looking over financials to prepare for the new position.
“There will be some changes,” she said. “There's always room for improvement. No business can remain stagnant.”
In addition to Ms. Shank's new role, the board of directors has appointed board members Jane Macon as chairwoman and Robert Mazzarella as vice chairman.