WASHINGTON – FINRA announced today the election or appointment of five industry members to its 22-member Board of Governors.
Seven of the 10 industry seats on FINRA’s Board are decided via election, and large, mid-size and small firms decide the Governors who represent their respective firm categories in those seats. At the Annual Meeting of FINRA Firms on Sept. 1, firms elected the following Governors to fill the three open elected seats:
- Timothy C. Scheve, President and Chief Executive Officer (CEO) of Janney Montgomery Scott LLC, was re-elected as a Large Firm Governor, one of three representatives of large firms on the Board. Scheve—who ran unopposed—has served as President and CEO of Janney Montgomery Scott since August 2007 and has more than 30 years of experience in the securities industry, including in a variety of leadership roles at Legg Mason. Scheve was previously elected to the FINRA Board in August 2018, after having been appointed to complete a partial term on the Board.
- James T. Crowley, CEO of Pershing Advisor Services LLC—who also ran unopposed—was elected as the sole Mid-Size Firm Governor on the FINRA Board. At his firm, Crowley leads a team of professionals dedicated to helping firms operate their businesses more efficiently so they may serve their clients more effectively. Prior to becoming CEO in July 2019, he was the firm’s COO.
- Paige Pierce, President and Chief Executive Officer of the Bley Investment Group, Inc., was re-elected by small firms to one of the three Small Firm Governor seats on the FINRA Board. Pierce—who was previously elected to FINRA’s Board in August 2018—has more than 25 years of securities industry experience. She ran against Daniel P. Logue, Counsel and Chief Compliance Officer of Muriel Siebert & Co., Inc.
At its July meeting, the FINRA Board appointed two new Governors: Vanguard Chairman and CEO Mortimer J. “Tim” Buckley and Commonwealth Financial Network SVP and General Counsel Peggy Ho. Buckley—who joined Vanguard in 1991 and held several senior leadership positions at the firm prior to becoming CEO in January 2018—will fill the FINRA Board Investment Company Affiliate seat. Ho fills the Board’s Independent Dealer/Insurance Affiliate seat. She has nearly 15 years of experience overseeing legal, compliance and risk strategy and operations for firms in the independent channel and was previously a corporate associate in private law practice at Ropes & Gray LLP. The new Governors begin their three-year terms immediately, and participate in their first FINRA Board of Governors meeting on September 23-24.
“Congratulations to Tim, Jim and Paige on their elections, and to Tim and Peggy on their appointments to the FINRA Board of Governors,” said FINRA Chairperson Eileen K. Murray. “We look forward to working with them.”
“These five Board members bring a diverse set of leadership skills and experiences from across the securities industry,” said FINRA CEO Robert W. Cook. “Their perspectives will be invaluable in supporting our ongoing commitment to protecting the investing public.”
FINRA is overseen by a 22-member Board of Governors, the majority of whom are public members—that is, from outside the securities industry. The industry Governors include three from large firms, one from medium-size firms, three from small firms, one floor member, one independent dealer/insurance affiliate and one investment company affiliate. FINRA Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.
More information regarding the Board's operations, including the membership and responsibilities of its committees, is available at www.finra.org/governance.
FINRA is a not-for-profit organization dedicated to investor protection and market integrity. It regulates one critical part of the securities industry—brokerage firms doing business with the public in the United States. FINRA, overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, registers broker-dealer personnel and offers them education and training, and informs the investing public. In addition, FINRA provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities. FINRA also administers a dispute resolution forum for investors and brokerage firms and their registered employees. For more information, visit www.finra.org.