The Financial Industry Regulatory Authority said Friday that Chairman and CEO Richard Ketchum, 64, is retiring in the second half of 2016. The independent regulator’s board of governors plans to conduct a search for his successor.
Ketchum’s retirement announcement comes at a critical time for the industry, as regulators and Congress debate the Department of Labor’s proposed fiduciary standard — which he and FINRA opposed. FINRA is currently working to finalize new rules for equity crowdfunding portals, which it regulates.
“FINRA has thrived under Rick’s leadership, and we look forward to his continued guidance over the next many months,” said Jack Brennan, lead governor of FINRA and ex-CEO of Vanguard Group, in a statement.
“His stewardship began in the aftermath of the financial crisis when public trust in the financial system was at an historic low,” Brennan added. As a champion of initiatives such as … improvements in BrokerCheck …, Rick has put FINRA on the front line of the movement for stronger investor protections and greater market integrity.”
Before becoming CEO and chairman of FINRA in Febrary 2009, Ketchum was CEO of NYSE Regulation, starting in early 2006; he served as the first chief regulatory officer of the New York Stock Exchange starting in March 2004. He spent 12 years at the National Association of Securities Dealers and Nasdaq, as well as 14 at the Securities and Exchange Commission.