Outside FINRA offices in New York Outside FINRA offices in New York. (Photo: ThinkAdvisor/Ronald Pechtimaldjian)

The Financial Industry Regulatory Authority said Tuesday that three Governors were elected to its Board of Governors.

  • Brian Kovack, co-founder and president of Kovack Securities, was elected to serve a second term as the midsize firm governor.
  • Timothy C. Scheve, president and CEO of Janney Montgomery Scott LLC, was elected as a Large Firm Governor, one of three representatives of large firms on the Board.
  • Paige W. Pierce, senior vice president of Larimer Capital Corp., was elected as one of three small firm representatives on the Board of Governors. Pierce is a former chair of the FINRA Small Firm Advisory Committee.

Scheve joined the FINRA Board of Governors in April, when he was appointed to fill an unexpired term.

The newly elected Governors join CalSTRS Chief Executive Officer Jack Ehnes as the newest members on the FINRA Board.

CalSTRS – the California State Teachers’ Retirement System – provides retirement, disability and survivor benefits for California’s more than 930,000 pre-kindergarten through community college educators and their families.

Ehnes was appointed as a Public Governor in June to complete an unexpired term, which concluded at the end of FINRA’s Annual Meeting on Tuesday.

At its July Board meeting, the Board’s Nominating and Governance Committee re-nominated and the Board re-appointed Ehnes to a full term on the Board, which starts Tuesday.

“I am pleased to congratulate Tim and Paige on their elections to the Board, and to congratulate Brian on his re-election,” said FINRA Chairman William Heyman, in a statement. “I also look forward to continuing to work with Jack as he begins his first full term on the Board.”

“Our new and returning Board members bring valuable perspectives that will help us improve FINRA’s operations and advance our mission,” said FINRA CEO Robert Cook. “I welcome the new Board members and look forward to their contributions to ensuring the highest standards of investor protection.”

Dale Brown, president and CEO of the Financial Services Institute, said in a statement that FSI “first endorsed Brian for the FINRA board three years ago, and he has done an outstanding job in his role as a governor.”

FSI is “pleased to see he’ll spend another three years supporting the interests of our industry and the investors our members serve.”

Governors are appointed or elected for three-year terms and may not serve more than two consecutive terms.

In July, FSI endorsed Jim Nagengast, Securities America Financial Corp. CEO and Securities America Inc. president, for the FINRA large-firm board seat.

Nagengast won the election, joining Kovack as well as FSI member Amy Webber, president and CEO of Cambridge Investment Research, on the FINRA board.

With Kovack , Webber and Nagengast on FINRA’s board, FSI is “confident the perspective of Main Street investors will be heard as FINRA moves forward,” Brown added.