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Even FINRA Is Affected by Krawcheck's Departure from BofA
September 8, 2011
Sallie Krawcheck’s departure from Bank of America leaves FINRA with a logistical issue. Ms. Krawcheck, who led the wealth management group at Bank of America until she left the company on Tuesday, recently was elected a governor of FINRA, representing large brokerage firms. She was slated to fill a 3-year term.
But now, with Ms. Krawcheck a free agent, a free agent, her board spot could be up for grabs - and, it isn't clear exactly what happens next. Finra bylaws do not account for such management shake-ups. As such, FINRA won't eject her from the position, but a FINRA spokesperson said she'll have to join another large brokerage firm in the near future in order to keep her seat.
If that doesn't happen, FINRA will move to hold a special election to fill her vacant seat. Such elections are not unprecedented, occurring occasionally when regulatory sanctions shut down smaller brokerage firms and oust their executives who serve on FINRA's board.
The reorganization at Bank of America forced Ms. Krawcheck’s second major board departure this year. In April, she exited BlackRock’s board to make way for Tom Montag, president of global banking and markets at Bank of America and a Goldman Sachs alumnus. [Dealbook, 9/7/11]
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