Deals & People

FINRA Names Ketchum as CEO

FINRA appointed Richard G. Ketchum, currently FINRA chairman and CEO of the New York Stock Exchange (NYSE) Regulation, to serve as its CEO.
Reported by Ellie Behling

In addition to serving as CEO of NYSE Regulation, Ketchum is chairman of FINRA’s Board of Governors, a position he has had since FINRA was created in 2007 and will continue to hold. Ketchum was a lead architect during the consolidation of NASD and the member regulation, enforcement, and arbitration operations of NYSE Regulation, according to a release from FINRA.

Ketchum replaces Mary Schapiro, who left the post to head the Securities and Exchange Commission (see “Reports Say Obama to Tap Schapiro to Head SEC“), and will start as FINRA’s CEO on March 16, FINRA said.

The FINRA board also announced that Steve Luparello, currently FINRA’s Interim CEO, will become vice chairman and continue to oversee FINRA’s regulatory operations (see “FINRA Board Launches Search to Replace Schapiro’).

In the release, Ketchum said he wants to restore confidence among investors in the financial markets and that “our regulatory system has never been more urgent.’

“As head of FINRA, I will leverage our staff and expertise in the fight against fraud and manipulation in the marketplace,” he said. “FINRA’s enforcement and examination divisions will have the tools and support required to track down and punish any broker, or any firm, who harms investors. We will not rest until investors once again feel confident placing their money in a marketplace they can trust.’

Prior to becoming CEO of NYSE Regulation, Ketchum served as the first chief regulatory officer of the NYSE, a position he began in 2004. FINRA said Ketchum is credited with establishing the independence and effectiveness of the NYSE regulatory unit. Ketchum has served as general counsel of the Corporate and Investment Bank of Citigroup Inc., and as a member of the unit’s planning group, Business Practices Committee and Risk Management Committee.

Earlier in his career, Ketchum spent 12 years at NASD and The Nasdaq Stock Market, Inc., where he served as president of both organizations. He also spent 14 years at the Securities and Exchange Commission, eight of those as director of the division of Market Regulation.