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News Release

Ray Pellecchia (212) 858-4387

FINRA Board of Governors Elects Eric Noll as Chair

  • Linde Murphy Re-Elected as Small-Firm Governor
  • Moira Kilcoyne and Fabiola Arredondo Appointed as New Public Governors
  • Camille Busette and Ethiopis Tafara Re-Appointed as Public Governors

WASHINGTON – The FINRA Board of Governors elected current FINRA Public Governor Eric Noll as its next Chair. Noll succeeds Eileen Murray, whose term on the Board and service as Chair concluded at the Aug. 19 annual meeting of FINRA firms. FINRA also announced the re-election of a Small-Firm Governor, the appointment of two new Public Governors and the reappointment of two Public Governors. 

Eric Noll Elected Chair

“Leading this outstanding group of Governors is a tremendous opportunity and responsibility, and I accept it wholeheartedly,” said Noll. “I am eager to work with my colleagues in this new capacity and to continue the initiatives FINRA set in motion during Eileen’s tenure.”

“Eric's deep knowledge of the U.S. securities markets and industry, along with his extensive senior leadership experience, position him well to chair our Board, and we look forward to working with him,” said FINRA CEO Robert W. Cook. “We are deeply grateful to Eileen for her many years of commitment to FINRA and our mission, and especially for her leadership during her term as Board Chair.”

Murray served on the FINRA Board since 2016 and was elected Chair in 2020. “It has been my great honor and privilege to serve as the Board Chair,” she said. “Working alongside such thoughtful people to bring innovation and transparency to the markets and to ensure that all investors can participate safely and securely has been incredibly rewarding.”

Noll—the CEO of Context Capital Partners—first joined the FINRA Board in August 2020, and has since served on its Executive; Finance, Operations and Technology; Management Compensation (as Chair); Nominating & Governance; and Regulatory Oversight committees. He joined Context Capital Partners in November 2019; prior to that, he was President and CEO of ConvergEx Group. From 2009 to 2013, Noll served as Executive Vice President, Transaction Services, NASDAQ OMX, Inc. in the U.S. and U.K., where he was responsible for all U.S./U.K. equity, options and futures exchanges. From 1994 to 2009, Noll was Managing Director with Susquehanna International Group; and from 1993 to 1994, was Assistant Vice President – Strategic Planning and New Product Development at the Philadelphia Stock Exchange. From 1990 to 1993, he was Manager, Strategic Planning at the Chicago Board Options Exchange. Noll is the Chair of the Board of Trustees of Franklin and Marshall College, where he had earned a bachelor's degree with a double major in government and economics; a member of the Board of Advisors of Owen Graduate School of Management at Vanderbilt University, where he had earned an MBA with a finance concentration; Chair of the Board of the Historical Society of Pennsylvania; and Trustee of the Pennsylvania Academy of Fine Arts.

Governor Elections and Appointments

At the Aug. 19 annual meeting of FINRA firms, small firms re-elected Linde Murphy for a second three-year term as a Small-Firm Governor on the FINRA Board. Murphy—President and Chief Compliance Officer of M.E. Allison & Co., Inc.—first joined the Board in 2019, and is active on the Board’s Audit and Regulatory Oversight Committees. She previously served on FINRA’s District 6 Committee, Fixed Income Committee and Regulatory Advisory Committee.

In addition, the Board recently appointed two new Public Governors: MAK Management Consulting Founder Moira Kilcoyne, whose service began on July 1; and Founder and Managing Partner of Siempre Holdings LLC Fabiola Arredondo, who will join the FINRA Board on Jan. 1, 2023. Kilcoyne founded MAK Management Consulting—which works with financial and technology firms on strategy and complex program risk management—in 2016 after a 25-year career at Morgan Stanley, most recently as Co-Head of Global Technology and a member of the Firm’s Management Committee. Prior, she was the firm’s Head of Technology for the Wealth and Investment Management organizations; Chief Operating Officer of Global Technology and Operations; Chief Information Officer (CIO) for Finance, Market and Credit Risk, Legal and Compliance; as well as the firm's International CIO. She currently serves on the boards of UK-based Quilter PLC, Bermuda-based Arch Capital Group Ltd., and cloud computing and desktop virtualization company Citrix.

Arredondo has been the Managing Partner of Siempre Holdings—a private, single family investment office based in Greenwich, Conn.—since 2001. She previously held senior operating roles at Yahoo! Inc., the British Broadcasting Corporation and Bertelsmann SE & Co. KGaA. Since March 2015, Arredondo has served as a director of Burberry PLC, where she also serves as a member of the Nomination and Remuneration committees. In addition, she serves on the boards of Fair Isaac Corporation (FICO) and the Campbell Soup Company; and from January 2007 to January 2016, served on the board of Experian PLC.

"Moira and Fabiola bring to our Board of Governors valuable perspectives drawn from their experiences across a range of roles and industries," said Camille M. Busette, Chair of FINRA’s Nominating and Governance committee and Director of Race, Prosperity, and Inclusion Initiative and Senior Fellow in Governance Studies at the Brookings Institution. "We are excited to add their distinctive voices to the Board’s deliberations and decision making in support of FINRA’s important mission."

The Board also reappointed Busette and Ethiopis Tafara—Vice President and Chief Risk, Legal and Administrative Officer, at the Multilateral Investment Guarantee Agency of the World Bank Group—to additional three-year terms as Public Governors on the FINRA Board. Both were initially appointed to the Board in August 2019.

FINRA is overseen by a 21-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 from an independent dealer/insurance affiliate and one from an investment company affiliate.
More information regarding the Board's operations, including the membership and responsibilities of its committees, is available at


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