August 4, 2011

New Hire Roundup: BofA's Krawcheck Elected as FINRA Board Member

Fidelity Advances Young; CNL Financial Group adds two

This week in new hires, FINRA members held a board election to add new members, and made reappointments to fill out the 22-member body.

Also, Fidelity Investments promoted Derek L. Young, and CNL Financial Group welcomed Sharon Yester and Kevin Maddron to its executive team.

FINRA Holds Board Election, Reappoints Members

The Financial Industry Regulatory Authority (FINRA) announced the results of members' Aug. 3 vote. At the 2011 annual meeting, member firms elected one small-firm governor and one large-firm governor to its 22-member board; the new governors begin their terms immediately. Governors are appointed or elected to three-year terms and may not serve more than two consecutive terms.

Elected as small-firm governor was Ken Norensberg, COO of Tritaurian Capital Inc. Norensberg was elected in August of 2010 as a small-firm governor, and has served in that role for the past year.

sallie krawcheckSallie L. Krawcheck (left), president of Global Wealth & Investment Management, Bank of America, was elected as large-firm governor. On the board, she replaces Richard F. Brueckner, who had served as a large-firm governor on the board since its inception in 2007.

Also, Jack Brennan, chairman emeritus of The Vanguard Group, Inc., was elected by the board in July to serve a one-year term as lead governor, replacing departing lead governor Brueckner. Five individuals were also recently reappointed to the board, including four public members: John F. X. Dolan, Knight Capital Americas, L.P., was reappointed floor member representative, and Charles A. Bowsher, former U.S. comptroller general; James E. Burton of California Strategies, LLC; Harvey J. Goldschmid of Columbia University Law School; and Kurt P. Stocker of Northwestern University were named public governors.

Fidelity Promotes Young

Fidelity Investments announced Monday that Derek L. Young had been promoted to president of the company’s asset allocation division. Young succeeds Boyce I. Greer, who was recently named head of institutional investments for Fidelity Asset Management and vice chairman of Pyramis Global Advisors. Young will report to Greer.

Prior to his new position, Young was chief investment officer of Fidelity’s Global Asset Allocation Group. He joined Fidelity in 1996 as director of risk management for Fidelity Management Trust Company (FMTC). Since then, he has held a variety of positions across Fidelity with increasing levels of responsibility and management oversight, including senior vice president of strategic investment services and marketing for FMTC, head of Fidelity’s U.S.

asset allocation committee, and comanager of numerous mutual funds, including the Strategic Fund Family and the Asset Manager Fund Family.

Prior to joining Fidelity, Young was a manager in the risk strategy consulting practice for KPMG. From 1991 to 1995, he worked for the Board of Governors of the Federal Reserve as a senior financial analyst and then as a supervisory financial analyst. Young began his career as a vice president at Empire Financial Services in 1986.

CNL Financial Group Adds Yester and Maddron

CNL Financial Group recently added to its team two executives with experience in the health care and senior living real estate sectors. Sharon Yester was named head of asset management for CNL and Kevin Maddron was named senior vice president of asset management for the health care sector.

Yester previously worked as senior vice president of asset management for CNL Retirement Properties, Inc. and subsequently as senior vice president of asset management at Health Care Property Investors, Inc., which acquired CNL Retirement Properties in 2006. At Health Care Property Investors she was responsible for a total portfolio worth more than $11 billion. Yester has more than 25 years of experience in senior living and health care, as well as experience in retail and lodging.

Maddron is also returning to CNL, where he will direct an asset management team focused on senior living and health care properties. Most recently, he served as the chief operating officer and chief financial officer for Servant Healthcare Investments, LLC, overseeing all of the company’s asset management functions. Maddron had previously served in asset management roles for CNL Retirement Properties as well as Health Care Property Investors.

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