Vanguard Group Chairman Emeritus John “Jack” Brennan was unanimously elected Friday as chairman of the Financial Industry Regulatory Authority, effective Aug. 15, the same day that former Securities and Exchange Commission official Robert Cook is set to start as FINRA’s new CEO.
Both Brennan and Cook will replace outgoing FINRA chairman and CEO Richard Ketchum.
FINRA announced in mid-June that Cook, former director of the SEC’s Division of Trading & Markets, has been named by FINRA’s Board as the self-regulator’s new president and CEO, replacing Ketchum, who announced late last year that he would retire in the second quarter.
Brennan has been FINRA’s lead governor since 2011.
FINRA announced in June it would move to a nonexecutive chair structure for its board governance.
Brennan joined the Board of Governors of the National Association of Securities Dealers (NASD) and remained on the board following the merger of the NASD and New York Stock Exchange Regulation in 2007.
“Throughout his tenure on the boards of FINRA and its predecessor, as well as his many years leading Vanguard, Jack has been a tireless advocate for individual investors and liquid, fair markets,” said Ketchum, in a statement. “During my tenure at FINRA, Jack has been a trusted adviser and partner, helping us develop a number of important programs to support our mission.”
Brennan added that FINRA plays “such a critical role in safeguarding and educating investors, while upholding the integrity of the most robust capital markets in the world. The entire board and I look forward to working with Robert and all of FINRA’s constituents to accomplish FINRA’s mission.”
“Jack is widely respected throughout financial and regulatory circles as a champion of the individual investor with a commitment to fair, transparent and efficient markets,” added Cook. “He has an unwavering dedication to FINRA and its mission of investor protection and market integrity. I’m looking forward to a productive partnership with Jack and the entire Board of Governors.”