The Financial Industry Regulatory Authority (FINRA) announced the election of several new members to its Board of Governors this week.
Stephen Cutler, executive vice president and vice chairman at JPMorgan Chase & Co., was elected as a large firm governor, one of three representatives of large firms on the board. Cutler has been a FINRA governor since November 2016, when he was appointed to fill an unexpired term.
Also, Stephen Kohn, president and CEO, Stephen A. Kohn & Associates, Ltd., was elected as a small firm governor. He is one of three small firm governors on the board.
Further, Kathleen Murphy, president of Fidelity Personal Investing, was appointed to succeed Governor John Brennan as the investment company affiliate on the board, while Amy Webber, president of Cambridge Investment Research, Inc., was appointed to succeed Murphy as the independent dealer/insurance affiliate governor.
“I am pleased to congratulate Stephen A. Kohn on his election to the board and I am delighted to welcome Amy into our ranks,” FINRA Chairman William Heyman said. “The entire board plays a critical role in overseeing the important work that FINRA does in ensuring market integrity and investor protection. Amy’s expertise in the independent brokerage channel and Stephen’s perspective as a small firm owner will expertly inform the Board’s work. I also want to thank Jack Brennan for his dedication and support of FINRA over the past 15 years and his leadership of the board since 2011.”
Also, three public governors were appointed to second terms, including Susan Wolburgh Jenah, former president and CEO of the Investment Industry Regulatory Organization of Canada. Joshua Levine, managing director of Kita Capital Management and Elisse Walter, former commissioner and chairman of the U.S. Securities and Exchange Commission, also earned second terms.
In addition, Joseph Mecane, who will be joining Citadel Securities in September as the head of execution services, was appointed to a second term as floor member representative governor.
“This board reflects the breadth of talent and scope of experience in the brokerage industry, and both new and returning board members can provide invaluable vision and insights that advance FINRA’s mission,” FINRA CEO Robert said Cook. “I look forward to working with the board to ensure that FINRA is well positioned to seize the opportunities ahead through innovation, efficiency and the highest standards of investor protection. We also thank Mark Cresap for his three years of committed service on the board as a small firm governor.”